Week 2 Administrative Agency

Topics: Debt, Law, Administrative law Pages: 2 (668 words) Published: December 11, 2012
1.State the administrative agency which controls the regulation. Explain why this agency and your proposed regulation interests you (briefly). Will this proposed regulation affect you or the business in which you are working? If so, how? (10 points) With the rising problems of unpaid student debts, it was obvious as to why congress lower student loan allotments. Federal student loans are controlled by the US Department of Education under the National Defense Education Act. Considering the fact that I am living off of my student loans right now to both go to school (3.62 GPA) and live since I don’t work, the reduction of student loans greatly concerns any decision I make financially. The decision to reduce the loans scares me for the present. http://www. Latimes.com/la-fi-private-student-loans-20120720,0,4262219.story http://en.wikipedia.org/wiki/Student_loans_in_the_United_States http://www.enrollment.vcu.edu/finaid/docs/CHANGES_IN_FINANCIAL_AID_FOR_2012_2013_.pdf 2.Describe the proposal/change. (10 points)

The proposed change as of July 1, 2012, reduced loans by as much as 40%. This is to reduce the overall debt of the students who qualify for them, so in that when they are finished with school the debt does not overpower them into near bankruptcy. With the current change, congress hopes to create a long-term solution to the mounting unpaid for student debt. 3.Write the public comment that you would submit to this proposal. If the proposed regulation deadline has already passed, write the comment you would have submitted. Explain briefly what you wish to accomplish with your comment. (10 points) A fun as long-term debt sound to everyone, short-term financial failure sounds worse to everyone. The choice to reduce federal loan loss of debt is an important one. However, the reduction of federal aid can be a costly one. In the economic climate of today where unemployment is at 10.8%, the ability to better one’s education is not an easy one. When one...
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