34 C.F.R. § 682.203
Responsible parties
(a) Delegation of functions. A school, lender, or guaranty agency may contract or otherwise delegate the performance of its functions under the Act and this part to a servicing agency or other party. This contracting or other delegation of functions does not relieve the school, lender, or guaranty agency of its duty to comply with the requirements of the Act and this part.
(b) Trustee responsibility. A lender that holds a loan in its capacity as a trustee assumes responsibility for complying with all statutory and regulatory requirements imposed on any other holders of a loan.
Notes of Decisions
Cited in 8
cases, 1989–2020 · leading case: Chae v. SLM Corp., 593 F.3d 936 (9th Cir. 2010).
Chae v. SLM Corp., 593 F.3d 936 (9th Cir. 2010). “§ 1082 (a)(1); 34 C.F.R. §§ 682.203 , 682.700(a). A second layer of FFELP transactions involves “guaranty agencies” that guarantee the lenders’ loans.”
Schaerrer v. Westman Comm'n Co., 769 P.2d 1058 (Colo. 1989). “§ 1091 (a)(4); 34 C.F.R. § 682.203 . The stringent limitations which Congress has placed on the use of GSL funds, reinforced by the threat of criminal penalties for misuse, are equivalent to the anti-alienation language which prevented garnishment of ERISA pension funds in…”
Jeremy Blanchette v. Navient Corp. (7th Cir. 2019). “Blanchette then brought this suit under the Higher Education Act against Navient, a Navient subsidiary, Pioneer, and Great Lakes, alleging that they violated the Act’s implementing regulations by, among other things, not properly notifying him about changes to the administration…”
Jeremy Blanchette v. Navient Corp. (7th Cir. 2019). “Blanchette then brought this suit under the Higher Education Act against Navient, a Navient subsidiary, Pioneer, and Great Lakes, alleging that they violated the Act’s implementing regulations by, among other things, not properly notifying him about changes to the administration…”
Hyland v. Navient Corp. (S.D.N.Y. 2019). “34 C.F.R. § 682.203 (a). Such a delegation does not relieve the private lender of its duty to comply with the statutory FFEL requirements and the private lender must monitor the activities of the contracting entity for compliance with those requirements.”
Wong v. Navient Solution LLC (W.D. Wash. 2020). “§ 1082 (a)(1); 34 C.F.R. §§ 682.203 , 682.700(a); see also Chae v.”
Ann Chae v. Slm Corp. (9th Cir. 2010). “§ 1082 (a)(1); 34 C.F.R. §§ 682.203 , 682.700(a). A second layer of FFELP transactions involves “guaranty agencies” that guarantee the lenders’ loans.”
Student Loan Mktg. Ass'n v. Riley, 112 F. Supp. 2d 38 (D.D.C. 2000). “” 34 C.F.R. 682.203(a). The regulation does not limit in any way how lending functions may be delegated; nor does it exclude any lending functions from delegation.”
— 34 C.F.R. § 682.203(a) — 1 case
Student Loan Mktg. Ass'n v. Riley, 112 F. Supp. 2d 38 (D.D.C. 2000). “” 34 C.F.R. 682.203(a). The regulation does not limit in any way how lending functions may be delegated; nor does it exclude any lending functions from delegation.”
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