Pending and Recently Passed Federal Legislation
President Bush signs the “Higher Education Opportunity Act of 2008" (H.R. 4137) into law
On August 14, 2008, President Bush signed H.R. 4137, the Higher Education Opportunity Act (HEOA), which reauthorizes and makes changes to virtually all of the federal student aid programs .
- Summary of Key Provisions
- Implementation Resource Page from the National Association of Student Financial Aid Administrators
- Resource page from the Department of Education
- Statement from Rep. George Miller - Rep. Miller chairs the House Education and Labor Committee
- Statement from Rep. "Buck" McKeon - Rep. McKeon is the ranking Republican on the House Education and Labor Committee
The Preventing Student Loan Discrimination Act
In response to lenders in the Federal Family Education Loan Program that have stopped offering federal student loans to students based on the school they attend, Senators Patty Murray (D-WA) and Chris Dodd (D-CT) introduced the Preventing Student Loan Discrimination Act on June 17, 2008 . The bill would prohibit lenders from denying FFELP loans to eligible students solely based on the institution where they attend, the length of their college program, or their income level.
Student Loans and Bankruptcy Legislation
Senator Richard Durbin introduced legislation on June 7, 2007(Senate Bill 1561) that would allow borrowers to discharge their private student loans -- but not federally guaranteed loans -- after five years of repayment. The bill is pending before the Senate Judiciary Committee.
Private Student Loan Transparency and Improvement Act
Senator Chris Dodd introduced the Private Student Loan Transparency and Improvement Act on June 8,2007. The Act would require lenders to provide more accurate and timely information to their customers about the interest rates, terms and conditions of their products, thereby helping students better understand their financial options and obligations.
H.R. 4344 - "The 20/220 Rule"
On December 11, 2007,Congressman Tim Walberg (R-MI) introduced proposed legislation, H.R. 4344, to restore protections for student loan borrowers graduating with high debt levels. Known as the 20/220 rule, the provision allows borrowers such as medical students to defer their student loan payments early in their careers when their ratio of debt to income is particularly high. The provision has been prematurely eliminated before alternative borrower protections are scheduled to take effect with the passage earlier this year of the College Cost Reduction and Access Act (H.R. 2669).
The" DREAM Act"
The Development, Relief and Education of Alien Minors Act, or DREAM Act,, sponsored by Majority Whip Richard J. Durbin , D-Ill., would allow the children of illegal immigrants who entered the United States before age 16 and lived here at least five years to gain conditional legal status and eventual citizenship if they attend college or join the military for at least two years. The Senate is expected to renew debate on October 24, 2007 .
Recently Enancted Federal Legislation:
Check this page for links to information on federal legislation passed since 2007 that impact federal student aid programs.
Advocacy Groups:
Many families struggle to find the resources to finance post-secondary education. Find out more about some of the major organizations that advocate on behalf of families and post-secondary institutions.
Campaign 2008
Learn more about each of the major presidential candidates. Remember that voters ultimately decide on who our elected officials are.
