LEGISLATIVE RESOURCES (select a link)
• OGSLP Legislative Updates
• Ensuring Continued Access to Student Loans Act of 2008 (ECASLA) &
LLR Program Resources NEW!
• CCRAA and 2007 Final Regulations Training
• CCRAA Resources
• Final Regulations published November 1, 2007 and NPRM Resources
• 2007-2008 Negotiated Rulemaking
• 2007-2008 Legislation
• THEEA and HERA Resources
• HEROES Act Resources
• Additional Online Resources
HOT TOPICS
Department of Education Releases Plan to Provide Liquidity Options for FFELP Lenders
On May 21, 2008, the Department of Education (ED) issued a letter outlining liquidity options for student loan lenders for the 2008-09 lending season. The letter includes an option for lenders to sell loans to ED, as well as an option for ED to issue low-interest loans to lenders using their student loan portfolios as collateral. The plan is an outcome of the authority given the Secretary in the Ensuring Continued Access to Student Loans Act of 2008 (H.R. 5715) and continued meetings and negotiations between FFELP community organizations and ED.
The letter summarizes these options as designed to ensure capital is available for loans this year and commits ED to continued discussion of longer-term remedies. OGSLP and others are hopeful that these measures will provide lenders with short-term liquidity options while the FFELP community continues working with ED to develop more comprehensive solutions.
As a reminder, Rep. Kanjorski has also offered two pieces of legislation: the Emergency Student Loan Market Liquidity Act (H.R. 5723), which would allow the Federal Home Loan Bank to invest in student loan securities and make advances for student loan financing; and the Student Loan Access Act of 2008 (H.R. 5914), which would clarify the authority of the Federal Financing Bank to purchase student loans. Many in the industry believe that these types of options are critical to providing long-term financing options for student loan lenders.
OGSLP will continue to monitor and update customers about these important liquidity initiatives and their impact on the federal loan market for the upcoming year.
Higher Education Act Update
A bill to temporarily extend the programs under the Higher Education Act of 1965 (HEA) was signed into law (Public Law 110-256/S.3180) by the President on June 30, 2008, providing a one-month extension until July 31, 2008.
To keep customers updated and informed on the current legislative happenings, OGSLP provides the following “OGSLP Legislative Updates.” If you have questions, please contact the Policy, Compliance, and Training department at 405.234.4432 or pct@ogslp.org.
OGSLP Legislative Updates
May 7, 2008 – Topics include: Ensuring Continued Access to Student Loans Act of 2008, Lender of Last Resort and Higher Education Act (HEA) Reauthorization
February 15, 2008 – Topic: Higher Education Act (HEA) Reauthorization
January 31, 2008 – Topics include: Potential Changes to Cohort Default Rate Formula and 2007-2008 Negotiated Rulemaking Begins
January 10, 2008 – Topics include: CCRAA DCL; Revised MPN Addenda DCL; CRAA Technical Corrections; and Determination of Not-For-Profit Holder Status for SAP Billing DCL
November 20, 2007 – Topics include: Reauthorization Legislation and an Appropriations Update
September 17, 2007 – Topics include: Budget Reconciliation Update - College Cost Reduction and Access Act; NCHELP Statement on H.R. 2669, the College Cost Reduction and Access Act; NCHELP Summary of the College Cost Reduction and Access Act; and links to the College Cost Reduction and Access Act Legislative Information.
August 1, 2007 – Topics include: OGSLP Comments on the NPRM; You Still Have Time to Comment on the NPRM; President Signs Temporary HEA Extension; Senate Reauthorization Bill (S. 1642) Update; House and Senate Action this Week; Where Do You Go To Find Bill Information?; and OGSLP's Legislation Page & Contact Information
July 24, 2007 – Topics include: Reminder - The Deadline for Comments is Approaching for the NPRM; Senate Reauthorization Bill (S. 1642) Update; Update on Reconciliation Bills - College Cost Reduction Act of 2007 (H.R. 2669) and Higher Education Access Act of 2007 (S. 1762); House Spending Bill (H.R. 3043) Update; and OGSLP's Legislation Page & Contact Information
July 5, 2007 – Topic: President Signs HEA Extension
June 13, 2007 – Topic: Official Notice of Proposed Rulemaking Published
Ensuring Continued Access to Student Loans Act of 2008 (ECASLA) &
LLR Program Resources
Ensuring Continued Access to Student Loans Act of 2008 NEW!
The Ensuring Continued Access to Student Loans Act of 2008 (ECASLA), Public Law 110-227, was signed by President Bush on May 7, 2008. ECASLA topics include: annual unsubsidized Stafford loan limits; aggregate Stafford loan limits; PLUS loan repayment; PLUS loan extenuating circumstances; Lender of Last Resort (LLR) Program; mandatory advances; secondary market of last resort; ACG and SMART Grants; master calendar; and, negotiated rulemaking.
• ECASLA Public Law 110-227, Bill text [H.R. 5715] (PDF)
• Dear Colleague/Partner Letters - updated 7/01/2008 NEW!
GEN-08-08/FP-08-07 (June 19, 2008) – This letter provides a summary of the recently enacted Ensuring Continued Access to Student Loans Act of 2008 and the action the Department is taking to ensure that postsecondary students and their parents have access to federal student loans.
• U.S. Department of Education's ECASLA Web Site NEW! – This site provides links to information related to the passage and implementation of ECASLA.
• July 1, 2008 Federal Register Loan Purchases Notice of Terms & Conditions NEW! (PDF) – This notice establishes the terms and conditions that govern the loan purchases made under ECASLA and outlines the methodology and factors that have been considered in evaluating the price at which the Department will purchase.
• June 18 Announcement from U.S. Department of Education NEW! (PDF) – Letter from Secretary of Education Margaret Spellings sent to the Chief Executive Officers of postsecondary educational institutions that participate in the FFEL Program.
• June 12 Announcement from U.S. Department of Education NEW! (PDF) – Announcement to clarify the effect on FFEL borrower benefit programs on the eligibility of loans to be sold to the Department.
• Letter from Education Secretary Margaret Spellings (PDF) - this May 21, 2008 letter was sent to the Chief Executive Officers of FFEL lenders
• New Increases to Loan Limits NEW!
• OGSLP Loan Limit Increase Chart (PDF)
• NCHELP side-by-side preliminary draft analysis of the provisions contained in H.R. 5715, (DOC) Ensuring Continued Access to Student Loans Act of 2008 (Public Law 110-227) updated 7/2/2008 NEW!
• Congressional Budget Office Cost Estimate for H.R. 5715 (PDF) - report on direct spending and revenue effects estimate for H.R. 5715 as cleared by Congress on May 7, 2008
• NCHELP blackline of Public Law 110-227 (H.R. 5715) HEA Parts B, D, G and I -
last updated 5/1/2008 NEW!
• Ensuring Continued Access to Student Loans Act of 2008 (House) - the bill was passed by the House April 17 and passed on April 30 by the Senate with amendments (PDF). On May 1, the differences in the House and Senate version of the bill were resolved and it was cleared for the President's signature. [H.R 5715 - PDF]
• NCHELP Summary of the Strengthening Student Aid for All Act (Senate) (PDF) - Introduced in the Senate on April 3 and referred to the Senate Committee on Health, Education, Labor, and Pensions. This bill is similar to H.R. 5715. [S. 2815 - PDF]
Lender-of-Last-Resort Program
The Lender-of-Last-Resort (LLR) Program is designed to ensure that borrowers have continued access to Federal Family Education Loan Program (FFELP) loans. LLR Program guidance provided by the Department of Education through Dear Colleague/Partner Letters is provided below:
• GEN-08-03/FP-08-03 (April 14, 2008 and March 26, 2008) This letter provides updated assistance for the implementation of a Lender-of-Last-Resort (LLR) program by a guaranty agency in the FFEL Program. Guaranty agencies are instructed to submit updated LLR rules and operating procedures to the Department for review and approval.
• GEN-08-05/FP-08-05 (May 6, 2008) - This letter provides further information and guidance to guaranty agencies to ensure consistent borrower access to FFEL Program loans through the efficient and effective implementation of the LLR program.
CCRAA and 2007 Final Regulations Training
OGSLP hosted the “College Cost Reduction and Access Act (CCRAA) and New Loan Provisions” training sessions in November. For those who were not able to participate, the PowerPoint presentations are available below.
College Cost Reduction and Access Act (CCRAA) – Budget Reconciliation Legislation NEW!
The College Cost Reduction and Access Act (CCRAA), Pub. L 110-084, was signed by President Bush on September 27, 2007. CCRAA topics include: interest rates; reduction of lender SAP; eligible not-for-profit-holder definition; exceptional performer; reduction of lender insurance; increased loan origination fee from lenders; competitive loan auction pilot program for FFELP Parent PLUS loans; loan forgiveness for public service employees; Income-Based Repayment (IBR); economic hardship feferment definition; military feferment; TEACH Grants; College Access Challenge Grants; guaranty agency collection retention; and guaranty agency account maintenance fees.
• CCRAA (Public Law 110-084) H.R. 2669 Bill text NEW!
• OGSLP's CCRAA Impact Summary – updated 2/18/2008 (PDF)
• OGSLP's CCRAA FAQs updated 1/14/2008
• Dear Colleague/ Partner Letters updated 7/1/2008 NEW!
• NSLDS Technical Updates
NSLDS Technical Update GA-08-02, CCRAA Update #1 - changes allow for the reporting of a new Deferment Type Code for Military Reservists, National Guard, and members of such forces in retired status, who are called or ordered to active duty (MR); for a change to the requirements for the Military Operations (MO) Deferment Type Code; and a reminder about Enrollment Reporting.
NSLDS Technical Update GA-08-03, CCRAA Update #2 - allow for the reporting of a new Deferment Type Code for Military Reservists, National Guard, and members of such forces in retired status, who are called or ordered to active duty (MR).
• CCRAA Technical Corrections (Public Law 110-153) Bill Text [S. 2371] - These are technical corrections to the definition of untaxed income and benefits affecting income-based repayment for married borrowers filing separately, as well as TEACH Grants.
• NCHELP September 10, 2007 News Release – NCHELP Statement on Passage H.R. 2669, the College Cost Reduction and Access Act (PDF)
• NCHELP Summary of the College Cost Reduction and Access Act (PDF)
• NCHELP side-by-side analysis of the loan provisions contained in the CCRAA signed by the President on September 27, 2007 (PDF) – This analysis also includes the technical corrections (S. 2371) passed by the Senate 11/15/07, by the House 12/5/2007 and signed into law (P.L. 110-153) by the President on 12/21/2007 updated 2/15/2008
• Congressional Budget Office (CBO) Cost Estimate for H.R. 2669 – report from the CBO on direct spending and revenues effects estimate for H.R. 2669 passed by the Senate and the House on September 7, 2007 (PDF)
• Conference Report and Joint Explanatory Statement of the College Cost Reduction and Access Act (PDF)
• A black-line of Title IV, Parts A, C, E, F, H, and J as well as Part E of Title VII of the Higher Education Act of 1965, as amended by CCRAA (P.L. 110-084) signed by the president on September 27, 2007. Prepared by NCHELP’s Program Regulations Committee (PDF)
• A black-line of Title IV, Parts B, D, G and I of the Higher Education Act of 1965, as they would be amended by the College Cost Reduction and Access Act (H.R. 2669), passed by the Senate and the House on September 7, 2007. Prepared by NCHELP’s Program Regulations Committee (PDF)
• NCHELP Summary of Higher Education Access Act of 2007 (Senate) – The Senate passed S. 1762 on July 20, 2007, by a vote of 78 to 18. This bill that represents the Senate version of the budget reconciliation measure required under this year's budget resolution. [S. 1762]
Final Regulations published November 1, 2007
and Notice of Proposed Rulemaking (NPRM) Resources
The Department of Education published the official final rules and regulations November 1, 2007, based on the notice of proposed rulemaking (NPRM) and comments received.
Final Regulations and General Provisions Committee NPRM NEW!
The Department of Education published the official final rules and regulations on November 1, 2007, based on the notice of proposed rulemaking (NPRM) on general provisions in the August 8, 2007, Federal Register and the comments received. The Final Regulation topics include: general definitions; payment periods; treatment of loan funds; post-withdrawal disbursement; electronic disbursements; late disbursements; recovery of funds; institutional loan cancellation; minimum period of certifying loan; and delivering loan proceeds. The links are provided below:
• Final Regulations - Federal Register (11/1/2007) (PDF)
• NCHELP's General Provisions Final Rule Side-by-Side Analysis (Word Document)
• Federal Register dated August 8, 2007 (PDF)
• NCHELP's General Provisions Comments (PDF)
Final Regulations and Loans Committee NPRM NEW!
The Department of Education published the official final rules and regulations November 1, 2007, based on the notice of proposed rulemaking (NPRM) on student loan issues in the June 12, 2007, Federal Register and the comments received. Topics include: simplification of deferment process; death certificate; total and permanent disability; NSLDS reporting; electronic signature on MPN; record retention for MPN; loan counseling for Grad PLUS borrowers; maximum loan period; prohibited inducements; eligible lender trustee; frequency of capitalization; loan discharge for false certification; and Preferred Lender Lists (PLL). Links to the Final Regulations and Loans Committee NPRM and related information are provided below:
• Final Loan Regulations - Federal Register (11/1/2007) (PDF)
• OGSLP's Final Loan Regulations Impact Summary - updated 11/12/2007 (PDF)
• OGSLP's Final Loan Regulations FAQs - updated 1/14/2008
• Dear Colleague/Partner Letters
Dear Colleague Letter GEN-8-06/FP-08-06 (May 9, 2008) - offers guidance to schools that provide students, prospective students, and their families with a list of preferred lenders to assist with the selection of a FFEL Lender.
Electronic Announcement (May 20, 2008) – changes to Late Disbursement Regulations and Discontinuation of "Late" Late Disbursement Approval Request Process Effective July 1, 2008.
• NCHELP's Loan Program Final Rule Side-by-Side Analysis - updated 1/25/2008
• NCHELP's Total and Permanent Disability (TPD) Questions & Answers (PDF) -
March 25, 2008
• NCHELP Summary of Final Loan Regulations (PDF)
• Federal Register dated June 12, 2007 (PDF)
• OGSLP's Loans Committee NPRM Comments (PDF)
• NCHELP's Loans Committee NPRM Comments (PDF)
• NCHELP's Loans Committee NPRM Summary (PDF)
NCHELP's Integrated Regulations
34 CFR 668 – Incorporating General Provisions Final Rule published November 1, 2007 (PDF)
34 CFR 682 – Incorporating General Provisions Final Rule published November 1, 2007 and Loan Final Rule published November 1, 2007 (PDF)
34 CFR 685 – Incorporating General Provisions Final Rule published November 1, 2007 and Loan Final Rule published November 1, 2007 (PDF)
2007-2008 Negotiated Rulemaking
The Department announced the establishment of two negotiated rulemaking committees to develop proposed regulations related to Federal student aid programs. The first committee will focus on proposed regulations for the Teacher Education Assistance for College and Higher Education (TEACH) Grant program. The second committee will focus on proposed regulations for other Federal student aid programs authorized by Title IV of the Higher Education Act (HEA).
Student Loan Committee
Agreement was reached on April 14 by the federal and nonfederal negotiators on outstanding issues regarding the negotiated rulemaking loan package. An additional session was held after the third negotiated rulemaking session concluded. The final regulations should be published in the Federal Register by November 1 with an effective date of July 1, 2009. Topics of these CCRAA issues include: Income-Based Repayment (IBR); conforming the Economic Hardship Deferment with IBR; public service loan forgiveness; definition of not-for-profit holder; and harmonizing HEROES waivers with other benefits provided to returning and active duty military.
July 1, 2008 – Federal Register's CCRAA Student Loan Issues NPRM NEW!
The Secretary of Education proposes to amend the Perkins Loan Program, FFEL Program, and Direct Loan Program regulations. These proposed regulations are needed to implement provisions of the HEA, as amended by the College Cost Reduction and Access Act of 2007 (CCRAA). The Department must receive your comments on or before Aug. 15, 2008.
April 8, 2008 – Student loan negotiated rulemaking committee draft regulations released by the Department for session four
February 26, 2008 – Student loan negotiated rulemaking committee draft regulations released by the Department for session three
January 30, 2008 – Student loan negotiated rulemaking committee draft regulations released by the Department
34 CFR 682 Integrated Regulations (PDF) – Incorporating Loan Team NPRM published in the July 1, 2008 Federal Register NEW!
34 CFR 685 Integrated Regulations (PDF) – Incorporating Loan Team NPRM published in the July 1, 2008 Federal Register NEW!
TEACH Grants Committee NEW!
TEACH Grants Final Rules - June 23, 2008, Federal Register - The U.S. Secretary of Education amends title 34 of the Code of Federal Regulations to establish regulations for the Teacher Education Assistance for College and Higher Education (TEACH) Grant program. The TEACH Grant program is a non-need-based grant program that provides up to $4,000 per year to students who are enrolled in an eligible program and who agree to teach in a high-need field, at a low-income elementary or secondary school for at least four years within eight years of completing the program for which the TEACH Grant was awarded.
Negotiated Rulemaking - Two Committees Established
January 8, 2008 Federal Register – announced the establishment of two negotiated rulemaking committees to develop proposed regulations related to Federal student aid programs. (PDF)
January 3, 2008 ED Announces Negotiated Rulemaking Details (Web site) – The Secretary of Education has announced the establishment of two negotiated rulemaking committees to develop proposed regulations related to the Federal student aid programs.
November 2, 2007 Notice of Negotiated Rulemaking – Electronic Announcement
October 22, 2007 Federal Register Notice of Establishment of Negotiated Rulemaking Committee
NCHELP's 2007-2008 HEA Legislation Section: This area consists of legislation introduced in 2007 and 2008, regulatory materials (NPRM and final rules), and statutory materials (Public Laws).
Higher Education Act (HEA) Extensions
Higher Education Extension [S. 3180 - PDF] - Signed into law (Public Law 110-256/S. 3180) by the President on June 30, 2008, providing a one-month extension of programs under the Higher Education Act of 1965 until July 31, 2008. NEW!
Higher Education Extension [S. 3035 - PDF] - Signed into law (Public Law 110-238) on May 30, 2008, giving an extension of programs under the Higher Education Act of 1965 until June 30, 2008. NEW!
Higher Education Extension [S. 2929 - PDF] - Signed into law (Public Law 110-230) on May 13, 2008, giving a one-month extension of programs under the Higher Education Act of 1965 until May 31, 2008.
Higher Education Extension Act of 2008 [S. 2733- PDF] - Signed into law (Public Law 110-198) on March 24, 2008, giving an extension of programs under the Higher Education Act of 1965 until April 30, 2008. This is the tenth extension of the Higher Education Act, as the law has not been fully renewed since 1998.
Third Higher Education Extension Act of 2007 [S. 2258] – Signed into law (Public Law 110-109) on October 31, 2007, giving a five-month extension of programs under the Higher Education Act of 1965 until March 31, 2008. A technical amendment was included concerning the definition of an eligible not-for-profit lender for purposes of special allowance payments (SAP).
Second Higher Education Extension Act of 2007 [S. 1868 - PDF] – Signed into law (Public Law 110-051) on July 31, 2007, giving a three-month extension of programs under the Higher Education Act of 1965 until October 31, 2007.
First Higher Education Extension Act of 2007 [S. 1704 - PDF] – Signed into law (Public Law 110-044) on July 3, 2007, giving a 30-day extension of the Higher Education Act of 1965 (HEA) through July 31, 2007.
Reauthorization Legislation
NCHELP Senate and House Reauthorization Bill Summary - a summary of provisions impacting loan programs from both the Higher Education Amendments of 2007 (S. 1642) and the College Opportunity and Affordability Act of 2008 (H.R. 4137).
House Reauthorization Update - On February 7 the House of Representatives approved the College Opportunity and Affordability Act of 2008 (H.R. 4137) by a vote of 354-48. The bill reauthorizes the Higher Education Act (HEA) through FY 2012. During the debate on the bill, 27 amendments (Manager's Amendment to 4137) were considered for inclusion, and 26 of those amendments were adopted. NCHELP has released a Summary of Amendments to 4137. The bill will go to Conference Committee for negotiation. The current extension of the HEA expires on March 31, 2008.
NCHELP Summary of the College Access and Opportunity Act of 2007 (House) – The House Republican members of the U.S. House Committee on Education and Labor introduced H.R. 3746 on October 4, 2007. Provisions included in this legislation are the repeal of the parent PLUS Loan auction, alignment of the FFELP PLUS Loan interest rate with Direct Loan Program interest rate at 7.9%, provides for year-round Pell Grants, and requires lender and school disclosure of loan terms. [H.R. 3746]
NCHELP Summary of Higher Education Amendments of 2007 (Senate) – The Senate passed S. 1642 on July 24, 2007. This bill represents the Senate’s Higher Education Act (HEA) reauthorization bill, and includes provision relating to the FFELP, school codes of conduct, preferred lender lists, and issues concerning school accreditation, among others. [S. 1642]
NCHELP Detailed Summary of the Higher Education Amendments of 2007 – A detailed summary of the provisions contained in the Higher Education Amendments of 2007 legislation.
Appropriations Legislation
FY2009
NCHELP Summary of FY2009 Budget Proposal – President Bush submitted his FY 2009 budget blueprint to the Congress on Feb. 4 for consideration. [FY 2009 Budget Summary from the Department of Education]
FY2008
Consolidated Appropriations Act, 2008 (H.R. 2764) – On December 26, 2007, President Bush signed an omnibus spending bill into law. The approximate $500 billion bill provides FY08 domestic funding for all federal agencies, except for the Department of Defense, through September 30, 2008.
2008 Departments of Labor, Health and Human Services, and Education Appropriations (H.R. 3043) – The House approved on July 19 by a vote of 276 to 140, H.R. 3043 is a $15.2 billion discretionary funding measure which allocates $62.6 billion to fund programs falling under the jurisdiction of the Department of Education. The Senate passed the legislation with amendments on October 23, 2007, by a vote of 75 to 9. The House agreed to the conference report on November 6 and the bill was sent to the president on November 8. President Bush had threatened earlier to veto the bill and he did on November 13. The administration was concerned that the bill would have spent approximately $9 billion more than the FY2008 budget proposal. The House failed to get enough votes to override the presidential veto of the bill.
2008 Department of Labor, Health and Human Services, and Education Appropriations (S.1710) – the original Senate bill making appropriations for the Department of Labor, Health and Human Services, and Education, and related agencies for the fiscal year ending September 30, 2008 and for other purposes.
NCHELP Summary of FY2008 Budget Proposal - President Bush submitted his FY 2008 budget blueprint to the Congress on Feb. 5 for consideration. [FY 2008 Budget Summary from the Department of Education]
Market Liquidity Legislation
Preventing Student Loan Discrimination Act (Senate) - introduced by Senators Patty Murray (D-Wash) and Chris Dodd (D-Conn) designed to ensure that students at community and technical colleges and certain four-year colleges continue to have access to federal student loans [S. 3141 - PDF] NEW!
Emergency Student Loan Market Liquidity Act (House) - The bill was introduced by Rep. Paul Kanjorski (D-PA) on April 8 to amend the Federal Home Loan Bank Act to allow federal home loan banks to invest surplus funds in student securities and make advances for student loan financing. The bill has been referred to the House Committee on Financial Services. [H.R. 5723 - PDF]
Emergency Student Loan Market Liquidity Act (Senate) - This Senate companion bill to H.R. 5723 was introduced by Sen. John Kerry (D-MA) on April 10 to amend the Federal Home Loan Bank Act to allow federal home loan banks to invest surplus funds in student securities and make advances for student loan financing, and for other purposes. The bill has been referred to the Senate Committee on Banking, Housing, and Urban Affairs.
[S. 2847 - PDF]
Student Loan Access Act of 2008 (House) - the bill was introduced by Rep. Paul Kanjorski (D-PA) on April 29 to clarify the authority of the Federal Financing Bank to purchase loans guaranteed under part B of title IV of the Higher Education Act of 1965. The bill has been referred to the House Committee on Financial Services. [H.R. 5914 - PDF]
Other Legislation
Amendment to section 435(o) of the Higher Education Act of 1965 regarding the definition of economic hardship – Both the House (H.R. 4344) and Senate (S. 2303) have introduced bills through committees to amend the definition of economic hardship. Both bills insert the debt-burden criteria language that was eliminated in the CCRAA economic hardship definition change provision.
Private Student Loan Transparency and Improvement Act of 2007 – This act was approved by the Senate Committee on Banking, Housing, and Urban Affairs on August 1. The legislation was initially introduced by Senator Chris Dodd (D-CT) on June 8. The bill would require lenders to provide more accurate and timely information to their customers regarding interest rates and terms and conditions of their products. This information will assist students in better understanding their financial options and obligations. It would also prohibit unethical practices in the student loan industry that may keep students and families from obtaining the most competitive and affordable student loans. The bill will next move to the Senate floor for consideration.
NCHELP Summary of the Financial Aid Accountability and Transparency Act of 2007 – Requiring increased disclosures by schools of relationships with student loan providers and includes a code of ethics found in the House (H.R. 890) and Senate (S. 486) versions of the Student Loan Sunshine Act. [H.R. 1994]
NCHELP Summary of the Student Loan Sunshine Act (House) – Introduced on Feb. 7, the bill seeks "to put a stop to unethical measures taken by private lenders to curry favor with colleges and universities.” [H.R. 890]
NCHELP Summary of the Student Loan Sunshine Act (Senate) – Introduced on Feb. 7, the bill would require schools and lenders to report certain activities if the school and the lender have an “educational loan arrangement...” [S. 486]
Third Higher Education Extension Act of 2006 (THEEA) Resources
The Third Higher Education Extension Act of 2006 (THEEA), Pub. L. 109-292, was signed by President Bush on September 30, 2006. THEAA topics include: eliminating new ELT relationships; restrictions on existing ELT relationships; student loan cancellation for survivors and victims of the September 11, 2001 terrorist attacks; and guaranty account maintenance fee.
• Interim Final Regulations – Federal Register (12/28/2006)
• OGSLP's THEEA Impact Summary (PDF)
• THEEA Bill Text (H.R. 6138) (PDF)
• Dear Colleague Letter (GEN–06–21 / FP–06–17)
Higher Education Reconciliation Act of 2005 (HERA) Resources
The Higher Education Reconciliation Act of 2005 (HERA), Public Law 109-171, which is Title VIII of the Deficit Reduction Act (DRA), was signed by President Bush on February 8, 2006.HERA topics include: correspondence courses; Academic Competitiveness Grant (ACG) and SMART Grant programs; loan limits; PLUS loans for graduate and professional students; PLUS loan interest rate; excess interest; special allowance PLUS loans; new military deferment; study abroad and foreign schools disbursement; repayment plans; origination fees; cross-consolidation between programs; spousal consolidation loans; in-school consolidation; disbursement rule for low-cohort schools; school as lender; false certification; teacher loan forgiveness; special allowance applicable to tax exempt funds; reduction of insurance; federal default fee; exempt claims; exceptional performer insurance; default claims reinsurance; escrow agent; forbearance; Voluntary Flexible Agreement (VFA); Rehabilitation Default Reduction Program; account maintenance fee; academic year definition; student eligibility-fraud; student eligibility-drug related offenses; verification of IRS data; institutional refunds; leave of absence; college access initiative; and wage garnishment.
• Final Regulations – Federal Register (11/1/2006)
• Interim Final Regulations – Federal Register (8/9/2006)
• OGSLP's HERA Impact Summary (PDF updated 2/20/2007)
• OGSLP's HERA FAQ's (last updated 2/20/2007)
• OGSLP's HERA Checklist (PDF)
• New Increases to Loan Limits NEW!
• The Technical Update, GA–2007-01: HERA Updates – Phase II
• NCHELP's HERA FAQ's with Best Practices Responses (PDF)
• NSLDS Lender Manifest Program File Specifications (NCHELP's Web site)
• NSLDS Newsletter (Number 13 - June 2006)
• HERA Bill Text (S. 1932) (PDF)
• Updated Forms, Addendums, and Plain Language Disclosures
• Dear Colleague / Partner Letters, updated 7/1/2008 NEW!
• Department of Education Correspondence – All of Federal Student Aid's published
information relating to the Enactment of the HERA
• Emergency Supplemental Appropriations Act for Defense, the Global War on Terror,
and Hurricane Recovery 2006 – the Appropriations Act, Public Law 109-234,
signed by President Bush on June 15, 2006. NEW!
• June 20, 2008 Electronic Announcement of the 2007-08 National SMART Grant
Deobligation Due to No Corresponding Pell Grant Warning Message – One of the
eligibility criteria to be awarded a National Science and Mathematics Access to
Retain Talent Grant (National SMART Grant) is that the student must receive a
Federal Pell Grant (Pell Grant) disbursement in the same award year. This
requirement in 34 CFR 691.15(a)(2) is met if the student received a Pell Grant
disbursement at any school he or she attended in the same award year. That is,
the student is not required to receive the Pell Grant and the National SMART Grant
at the same school. NEW!
• June 13, 2008 Electronic Announcement of the ACG and SMART Grant Maximum
Award Amounts For the 2008-09 Award Year – Based upon an analysis of
expenditures to date in these programs, adjusted for expected changes during the
2008-09 award year, the Secretary has determined that there is no need to reduce
the maximum award amounts for the programs in 2008-2009. NEW!
HERA Training
• June 9, 2006 – U.S. Department of Education: HERA Internet Training Sessions
• June 1, 2006 – OGSLP Annual Conference: OGSLP's HERA Update Presentation
• April 18 & 20, 2006 – OGSLP HERA Training Sessions (Oklahoma City and Tulsa):
HERA Training Presentation
HEROES Act Resources
HEROES Act provisions assist individuals who are applicants and recipients of Title IV financial aid and who:
are serving on active duty during a war or other military operation or national emergency
are performing qualifying National Guard duty during a war or other military operation or national emergency
reside or are employed in an area that is declared a disaster area by any Federal, State, or local official in connection with a national emergency
suffered direct economic hardship as a direct result of a war or other military operation or national emergency, as determined by the Secretary
HEROES Act provisions became effective Dec. 12, 2003 and have been extended to September 30, 2012.
Additionally, there is a reporting requirement for guarantors, lenders, servicers and schools. Upon request you must provide to ED information on individuals who have benefited from one or more of the provisions in the HEROES Act.
• OGSLP HEROES Act Chart (PDF) – all of the waivers and modifications do not apply to all affected individuals. The chart provides information based on the categories of individuals who are eligible for the waivers and modifications - updated January 2008
• Federal Register from December 26, 2007 (PDF)
• Public Law 110-93 (PDF) – On September 30, 2007, President Bush signed, H.R. 3625, which eliminated the September 30, 2007 expiration date making permanent the Secretary's authority to issue waivers and modifications of statutory and regulatory provisions under the HEROES Act of 2003
• Federal Register from October 20, 2005 (PDF)
• Public Law 109-78, H.R. 2132 (PDF) – On September 30, 2005, President Bush signed into law an extension of the HEROES Act from the original expiration date of September 30, 2005 to September 30, 2007
• Federal Register from December 12, 2003 (PDF)
• Public Law 108-76, H.R. 1412 (PDF) – On August 19, President Bush signed into law the Higher Education Relief Opportunities for Students Act of 2003 (HEROES).
NCHELP's e-Library: The NCHELP e-Library is a collaborative effort to provide the latest and most complete source of reference materials relating to the Federal Family Education Loan Program.
Thomas (The Library of Congress): The leadership of the 104th Congress directed the Library of Congress to make federal legislative information freely available to the public.
Oklahoma's U.S. Congressional Delegation: This link provides contact information for the U.S. House of Representatives and the United States Senate.
Adobe Acrobat Reader: Download the free Adobe Acrobat program to view the PDFs provided throughout our Web site.
Questions?
If you have additional questions about legislative activity, please contact Policy, Compliance and Training at 405.234.4432 or by email at pct@ogslp.org.