Source: https://www.law.cornell.edu/cfr/text/34/674.41
Timestamp: 2016-05-02 20:41:41
Document Index: 259671476

Matched Legal Cases: ['art 674', '§ 674', '§ 674', '§ 424', '§ 425', '§ 428', '§ 465', '§ 1070', '§ 1087', '§ 1087', '§ 1087', '§ 1087', '§ 1087', '§ 1087', '§ 1087', '§ 1087', '§ 1087', '§ 1091', '§ 1091', '§ 1094', '§ 1096', '§ 1141', '§ 1232', '§ 1232', '§ 1401']

34 CFR 674.41 - Due diligence—general requirements. | US Law | LII / Legal Information Institute
CFR › Title 34 › Subtitle B › Chapter VI › Part 674 › Subpart C › Section 674.41 34 CFR 674.41 - Due diligence—general requirements.
§ 674.41
Due diligence—general requirements.
Each institution shall exercise due diligence in collecting loans by complying with the provisions in this subpart. In exercising this responsibility, each institution shall, in addition to complying with the specific provisions of this subpart—
Keep the borrower informed, on a timely basis, of all changes in the program that affect his or her rights or responsibilities; and
Respond promptly to all inquiries from the borrower.
Provide the borrower with information on the availability of the Student Loan Ombudsman's office if the borrower disputes the terms of the loan in writing and the institution does not resolve the dispute.
Coordination of information.
An institution shall ensure that information available in its offices (including the admissions, business, alumni, placement, financial aid and registrar's offices) is provided to those offices responsible for billing and collecting loans, in a timely manner, as needed to determine—
The enrollment status of the borrower;
The expected graduation or termination date of the borrower;
The date the borrower withdraws, is expelled or ceases enrollment on at least a half-time basis; and
The current name, address, telephone number and Social Security number of the borrower.
(Approved by the Office of Management and Budget under control number 1845-0023)
(Authority: 20 U.S.C. 424, 1087cc)
[52 FR 45555, Nov. 30, 1987, as amended at 59 FR 61411, Nov. 30, 1994; 64 FR 58312, Oct. 28, 1999]
§ 674.41 Due diligence - general requirements.
General. Each institution shall exercise due diligence in collecting loans by complying with the provisions in this subpart. In exercising this responsibility, each institution shall, in addition to complying with the specific provisions of this subpart - (1) Keep the borrower informed, on a timely basis, of all changes in the program that affect his or her rights or responsibilities; and
(2) Respond promptly to all inquiries from the borrower.
(3) Provide the borrower with information on the availability of the Student Loan Ombudsman's office if the borrower disputes the terms of the loan in writing and the institution does not resolve the dispute.
Coordination of information. An institution shall ensure that information available in its offices (including the admissions, business, alumni, placement, financial aid and registrar's offices) is provided to those offices responsible for billing and collecting loans, in a timely manner, as needed to determine - (1) The enrollment status of the borrower;
(2) The expected graduation or termination date of the borrower;
(3) The date the borrower withdraws, is expelled or ceases enrollment on at least a half-time basis; and
(4) The current name, address, telephone number and Social Security number of the borrower.
(Approved by the Office of Management and Budget under control number 1845-0023) (Authority: 20 U.S.C. 424, 1087cc)
This is a list of United States Code sections, Statutes at Large, Public Laws, and Presidential Documents, which provide rulemaking authority for this CFR Part.This list is taken from the Parallel Table of Authorities and Rules provided by GPO [Government Printing Office].It is not guaranteed to be accurate or up-to-date, though we do refresh the database weekly. More limitations on accuracy are described at the GPO site.United States CodeU.S. Code: Title 20 - EDUCATION§ 424§ 425§ 428§ 465§ 1070g - Definitions§ 1087aa - Appropriations authorized§ 1087bb - Allocation of funds§ 1087cc - Agreements with institutions of higher education§ 1087cc-1§ 1087dd - Terms of loans§ 1087ee - Cancellation of loans for certain public service§ 1087ff - Distribution of assets from student loan funds§ 1087gg - Collection of defaulted loans: Perkins Loan Revolving Fund§ 1087hh - General authority of Secretary§ 1091 - Student eligibility§ 1091a - Statute of limitations, and State court judgments§ 1094 - Program participation agreements§ 1096 - Administrative expenses§ 1141 - College access challenge grant program§ 1232c - State agency monitoring and enforcement§ 1232f - Records§ 1401 - Definitions