(a) The Secretary enters into agreements with a guaranty agency whose loan guarantee program meets the requirements of this subpart. The agreements enable the guaranty agency to participate in the FFEL programs and to receive the various payments and benefits related to that participation.
(b) There are four agreements:
(1) Basic program agreement. In order to participate in the FFEL programs, a guaranty agency must have a basic program agreement. Under this agreement—
(i) Borrowers whose Stafford or Consolidation loans are guaranteed by the agency may qualify for interest benefits that are paid to the lender on the borrower's behalf under § 682.301; and
(ii) Lenders under the guaranty agency program may receive special allowance payments from the Secretary and have death, disability, bankruptcy, closed school and false certification discharge claims paid by the Secretary through the guaranty agency.
(2) Federal advances for claim payments agreement. A guaranty agency must have an agreement for Federal advances for claim payments to receive and use Federal advances to pay default claims.
(3) Reinsurance agreement. A guaranty agency must have a reinsurance agreement to receive reimbursement from the Secretary for its losses on default claims.
(4) Loan Rehabilitation Agreement. A guaranty agency must have an agreement for rehabilitating a loan for which the Secretary has made a reinsurance payment under section 428(c)(1) of the Act.
(c) The Secretary's execution of an agreement does not indicate acceptance of any current or past standards or procedures used by the agency.
(d) All of the agreements are subject to subsequent changes in the Act, in other applicable Federal statutes, and in regulations that apply to the FFEL programs.
(Authority: 20 U.S.C. 1072, 1078-1, 1078-2, 1078-3, 1082, 1087, 1087-1)
[57 FR 60323, Dec. 18, 1992, as amended at 59 FR 33353, June 28, 1994; 64 FR 18978, Apr. 16, 1999; 64 FR 58627, Oct. 29, 1999; 78 FR 65814, Nov. 1, 2013]
Notes of Decisions
Hawkeye Bancorporation v. Iowa Coll. Aid Comm'n, 360 N.W.2d 798 (Iowa 1985).
· cites it 3× “34 C.F.R. 682.400(D)(l)(i). This prescription is not for termination at will, for we also find that the [secretary's suspension or termination of an agreement, requirement of reimbursement, or withholding of payments is not final until the guarantee agency has been given…”
Chae v. SLM Corp., 593 F.3d 936 (9th Cir. 2010).
“200 (b); see also 34 C.F.R. § 682.400 (requiring that a guarantee agency enter into four specific agreements with the DOE before it may participate in the FFELP).”
State of Del. v. Cavazos, 723 F. Supp. 234 (D. Del. 1989).
· cites it 3× “Finally, the relationship between the Department and the guaranty agencies is formalized by five written agreements, 34 C.F.R. § 682.400 : the insurance program agreement, 20 U.”
Great Lakes Higher Educ. Corp. v. Cavazos, 711 F. Supp. 485 (W.D. Wis. 1989).
· cites it 2× “In the instant case, at least one of the parties’ agreements entered into under the Higher Education Act, that covering reinsurance, and the regulations promulgated pursuant to the Higher Education Act, 34 C.F.R. § 682.400 (d), provide expressly that the agreements are subject…”
Great Lakes Higher Educ. Corp. v. Cavazos, 698 F. Supp. 1464 (W.D. Wis. 1988).
“From plaintiff's references in its affidavits and brief to the receipt of administrative cost allowances from defendants, it can be inferred that plaintiff executed this agreement as well.”
Colorado v. Cavazos, 962 F.2d 968 (10th Cir. 1992).
“§ 1078 (c); 34 C.F.R. § 682.400 (a)-(b). Relevant to this case are two specific contracts: the “reinsurance contract,” and the “supplemental reinsurance contract.”
Charles R. Estes, et al. v. P ECMC Grp., Inc., 2021 DNH 117 (D.N.H. 2021).
“See 34 C.F.R. § 682.400 . On November 1, 2010, CSAC executed a blanket assignment to ECMC of CSAC’s entire portfolio of guaranteed and non-defaulted loans.”
— 34 C.F.R. § 682.400(D)(l)(i) — 1 case
Hawkeye Bancorporation v. Iowa Coll. Aid Comm'n, 360 N.W.2d 798 (Iowa 1985).
“34 C.F.R. 682.400(D)(l)(i). This prescription is not for termination at will, for we also find that the [secretary's suspension or termination of an agreement, requirement of reimbursement, or withholding of payments is not final until the guarantee agency has been given…”
— 34 C.F.R. § 682.400(c) — 1 case
Hawkeye Bancorporation v. Iowa Coll. Aid Comm'n, 360 N.W.2d 798 (Iowa 1985).
“34 C.F.R. 682.400(D)(l)(i). This prescription is not for termination at will, for we also find that the [secretary's suspension or termination of an agreement, requirement of reimbursement, or withholding of payments is not final until the guarantee agency has been given…”
— 34 C.F.R. § 682.400(d) — 2 cases
Great Lakes Higher Educ. Corp. v. Cavazos, 711 F. Supp. 485 (W.D. Wis. 1989).
“In the instant case, at least one of the parties’ agreements entered into under the Higher Education Act, that covering reinsurance, and the regulations promulgated pursuant to the Higher Education Act, 34 C.F.R. § 682.400 (d), provide expressly that the agreements are subject…”
— 34 C.F.R. § 682.400(d)(2) — 1 case
Hawkeye Bancorporation v. Iowa Coll. Aid Comm'n, 360 N.W.2d 798 (Iowa 1985).
“34 C.F.R. 682.400(D)(l)(i). This prescription is not for termination at will, for we also find that the [secretary's suspension or termination of an agreement, requirement of reimbursement, or withholding of payments is not final until the guarantee agency has been given…”
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