Federal Family Education Loan Program; Final Rule DEPARTMENT OF EDUCATION

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The Secretary amends the regulations governing the Federal Family Education Loan (FFEL) Program. These amendments are needed to implement changes in the Higher Education Act of 1965, as amended (HEA), giving the Secretary additional powers to assure the safety of reserve funds and assets maintained by guaranty agencies insuring educational loans under the FFEL Program pursuant to agreements with the Secretary. The amendments further define ``reserve funds and assets'' and establish the substantive standard for the return of ``unnecessary'' reserves. They also provide procedural due process for challenges to these orders and for orders requiring that reserve funds and assets outside of the guaranty agency's control be returned to it or to the Secretary.