Members of Congress |
|
Higher Education Opportunity Act (HR 4137/S 1642) This bill reauthorizes the Higher Education Act and implements a number of measures that aim to hold colleges more accountable for their costs, while encouraging efforts to minimize tuition increases. In addition, it proposes increased Pell Grant awards and Perkins loan limits, in an effort to help the neediest borrowers. The bill also imposes new requirements on participants in the private student loan programs, to be sure that students and families are fairly treated while seeking these increasingly necessary funds. There are many new programs in the bill as well, including several that foster access to higher education by providing counseling and other supports, including financial literacy education. |
|
Ensuring Continued Access to Student Loans Act of 2008 (PL 110-227) In response to changes in the financial markets and a growing concern for families struggling to meet their financial responsibilities, including tuition payments, this bill (HR 5715) increased loan limits in federal student loan programs, offered certain relief for borrowers affected by tightening mortgage and credit markets and made temporary changes to the Federal Family Education Loan Program to allow the Secretary to work with lenders to ensure uninterrupted access to needed student loans. |
|
The College Cost Reduction and Access Act (PL 110-84) The bill (HR 2669) implemented changes to federal student loan programs to reduce payments to lenders and cut the interest rate on subsidized student loans in half—from 6.8% to 3.4% over a four-year period. It also increased investments in grant aid for the neediest borrowers by increasing the Pell Grant maximum award. The new TEACH Grant program to help prospective teachers pay for college was created, as was a new loan forgiveness program for public sector employees. The bill was hailed as the largest federal investment in higher education since enactment of the GI Bill. |
|
Budget Resolutions for FY 2008 The budget resolution in the House, H. Con Res. 99, included a policy section, Sec. 403, titled, “Policy on College Affordability.” This section of the resolution prohibited any cuts to student loans. |
