Describes a school's responsibilities for managing and reporting on the use of federal funds and maintaining records.

Describes the types of information that schools must provide to current and prospective students, and how to provide that information.

Identifies records that schools must keep to document school and program eligibility, student eligibility, administration of the FFEL program, as well as storage and retention requirements.

Identifies reports schools must complete for the FFEL program, ED's financial management system, and NSLDS enrollment reporting.

Describes the functions and contents of the National Student Loan System (NSLDS) and schools' responsibilities to provide data to the system or the guaranty agency.