682.509—Special conditions for filing a claim.

(a) A lender shall cease collection activity on a loan and file a claim with the Secretary within the time specified in § 682.511(e)(3), if—

(1) In the case of a loan that was not made or originated by the school, the lender learns that while the student was enrolled at the school the school terminated its teaching activities for that student during the academic period covered by the loan; or

(2) The Secretary directs that the claim be filed.

(b) A lender may not as a result of a claim filed with the Secretary under this section report a borrower's loan as in default to any credit bureau or other third party.

Code of Federal Regulations

(Authority: 20 U.S.C. 1078-1, 1078-2, 1078-3, 1079, 1080, 1082 )

CFR

682.509—Special conditions for filing a claim.

Code of Federal Regulations