N.Y. Comp. Codes R. & Regs. tit. 8 § 2101.1

Current through Register Vol. 46, No. 51, December 18, 2024

Section 2101.1 - Federal family education loan program

The corporation has executed an agreement with the United States Department of Education (ED) such that the corporation has been designated by ED as the guarantee agency with the authority to administer the Federal Family Education Loan (FFEL) Program in New York State. Pursuant to this agreement the corporation has the authority to adopt policies and procedures in furtherance of its responsibility to administer the FFEL Program in New York State. In addition, pursuant to this authority, the corporation has the power to:

(a) investigate the activities of any student, school, lender, or other institution participating in the FFEL Program as administered by the corporation;

(b) to take action to limit, suspend or terminate the authority of any school, lender or other institution to participate in the FFEL Program as administered by the corporation for violation of any applicable Federal or New York State law, rule, regulation or policy pertaining to the FFEL Program; and

(c) to take such other steps as are authorized by Federal or New York State law, rule, regulation or policy pertaining to the FFEL Program that the corporation deems necessary or appropriate to administer the FFEL Program in New York State.

N.Y. Comp. Codes R. & Regs. Tit. 8 § 2101.1