S.C. Code Regs. § § 42-20

Current through Register Vol. 48, No. 10, October 25, 2024

Section 42-20 - Additional Requirements

In addition to, and as allowed by the federal laws and regulations governing the Federal Family Educational Loan Program, the South Carolina State Education Assistance Authority retains the authority to regulate aspects of the program to protect and enhance the Federal Family Educational Loan Program. These additional requirements include but are not limited to the following:

(1) The term "guaranty agency" as used in the federal regulations and laws cited above is defined as the State Budget and Control Board of South Carolina acting as the South Carolina State Education Assistance Authority.

(2) In order for an eligible lender to participate in the South Carolina State Education Assistance Authority's Federal Family Educational Loan Program, the lender must be approved by the South Carolina State Education Assistance Authority, or an authorized officer of the Authority.

(3) A lender, or subsequent holder, may not sell or transfer loans guaranteed by the South Carolina State Education Assistance Authority or transfer its loan making or servicing functions to a servicing agent or other party without prior approval of the South Carolina State Education Assistance Authority.

(4) The South Carolina Student Loan Corporation is an eligible lender and is the single, private, non-profit agency designated by the State to administer the Federal Family Education Loan Program.

S.C. Code Regs. § 42-20

Amended by State Register Volume 20, Issue No. 9, eff September 27, 1996.