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DoE Revises Rule to Allow Federally Insured CUs to Disburse Federal Student Aid Funds

In response to a comment letter sent this morning by CUNA, the U.S. Department of Education agreed to revise its final rule on disbursement of federal student aid funds to include credit unions.

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WASHINGTON — In response to a comment letter sent this morning by CUNA, the U.S. Department of Education agreed to revise its final rule on disbursement of federal student aid funds to include credit unions.

The department contacted CUNA to let them know that in response to their comment letter this morning, in addition to a university administrator a couple weeks ago, the department was amending its final rule to include NCUSIF-insured credit union accounts in their student aid disbursement rule. In a phone call, DoE said that the initial exclusion was an oversight.

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