§ 682.701 Definitions of terms used in this subpart.

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Title 34 CFR: Education › Chapter VI: OFFICE OF POSTSECONDARY EDUCATION, DEPARTMENT OF EDUCATION › Part 682: FEDERAL FAMILY EDUCATION LOAN (FFEL) PROGRAM › Subpart G: Limitation, Suspension, or Termination of Lender or Third-Party Servicer Eligibility and Disqualification of Lenders › § 682.701: § 682.701 Definitions of terms used in this subpart.

This text was captured on Aug 14, 2026. It is a snapshot, not a live feed, so check the official code before relying on it.

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The following definitions apply to terms used in this subpart:

Designated Departmental Official:

An official of the Department of Education to whom the Secretary has delegated the responsibility for initiating and pursuing disqualification or limitation, suspension, or termination proceedings.

Disqualification.

The removal of a lender's eligibility for an indefinite period of time by the Secretary on review of limitation, suspension, or termination action taken against the lender by a guaranty agency.

Limitation.

The continuation of a lender's or third-party servicer's eligibility subject to compliance with special conditions established by agreement with the Secretary or a guaranty agency, as applicable, or imposed as the result of a limitation or termination proceeding.

Suspension.

The removal of a lender's eligibility, or a third-party servicer's eligibility to contract with a lender or guaranty agency, for a specified period of time or until the lender or servicer fulfills certain requirements.

Termination.

(1) The removal of a lender's eligibility for an indefinite period of time—

(i) By a guaranty agency; or

(ii) By the Secretary, based on an action taken by the Secretary, or a designated Departmental official under § 682.706; or

(2) The removal of a third-party servicer's eligibility to contract with a lender or guaranty agency for an indefinite period of time by the Secretary based on an action taken by the Secretary, or a designated Departmental official under § 682.706.

(Authority: 20 U.S.C. 1080, 1082, 1085, 1094)

[57 FR 60323, Dec. 18, 1992, as amended at 59 FR 22457, Apr. 29, 1994; 78 FR 65822, Nov. 1, 2013]

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