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U.S. Seeks To Relax Requirements for Federal Plus Loan Program

The proposal, which was tentatively agreed to by a negotiated rule making panel earlier this year, will clarify in regulation the department’s current practice of considering accounts more than 90 days delinquent as “adverse credit” that generally hurt a person’s chances of getting a loan.

But the department is also including several provisions that would relax the current standards for obtaining the loan. The new rules would exempt up to $2,085 in delinquent debt from the adverse credit history that counts against a borrower.