Nursing student loan program--PHS. Final regulation.

Abstract

This rule amends existing regulations governing the Nursing Student Loan (NSL) program to require schools to: (1) Invest their NSL funds and return earnings from the investments to the NSL funds; (2) identify and return to the Department excess cash from the NSL funds; and (3) determine the collectibility of defaulted loans and, for loans determined to be uncollectible, either obtain approval to write off the loans or reimburse the fund for the amount that remains uncollected on the loans. However, schools are not required to obtain write-off approval or reimburse the fund for loans that became uncollectible prior to January 1, 1983. The Department expects that these revisions will enhance its enforcement capabilities for improving the cash management practices of schools participating in the NSL program.