Summary

GAO reviewed the Department of Education's (Education) new rule on the Federal Perkins Loan Program, the Federal Family Education Loan Program, and the William D. Ford Federal Direct Loan Program. GAO found that (1) the final rule amends the regulations governing the programs, and implements various statutory provisions of the College Cost Reduction and Access Act, including the establishment of the Income-Based Repayment plan and the Public Service Loan Forgiveness Program; and (2) Education complied with the applicable requirements in promulgating the rule.