Federal Updates

ED gives green light for FFELP "in-school" consolidation
With student loan interest rates about to rise for the first time in several years, many borrowers are scrambling to consolidate their loans under the current low interest rates. In addition to the time crunch due to the July 1 rate changes, some borrowers who want to consolidate are still in school, creating a second processing hurdle. Under FFELP rules, a borrower who is in an "in-school" status cannot obtain a Consolidation loan. However, yesterday ED provided interpretive guidance that permits a borrower to consolidate while still in school — by entering repayment early.

ED provides clarification on increased teacher loan forgiveness eligibility requirements
The FFELP industry recently received information from ED clarifying the eligibility of certain borrowers for increased loan forgiveness amounts under the Teacher Loan Forgiveness Program (TLFP). The information came in the form of written guidance from Pam Moran with the policy team of ED's Office of Postsecondary Education.

TG Updates

2005 TG Conference presentations available on TG Online
TG has added selected presentations from the training sessions of the 2005 TG Conference, Breakthrough! Higher expectations in higher education, to its catalog of training resources available on TG Online at www.tgslc.org.

TG Users Group introduces new "FAM-ily"
The TG User Group (TUG) has established a new subcommittee for financial aid management system (FAMs) users. The subcommittee is called the TUG "FAM-ily" and will provide a forum in which TG's school customers can share experiences, lessons learned, and best practices for using FAMs.

Legislative Update

The May 11 issue of TG's Legislative Report includes a Congressional update on the adopted FY 2006 Budget Resolution; a Texas legislative update on how the House and Senate appropriations bills differ in approach and funding; and a TG Sunset Advisory Commission review update. Keep up with the latest developments by reading the full report on TG Online at www.tgslc.org/lege_report/index.cfm.

This, That, and the Other...

For many families, saving enough money to put one child through college is an awesome endeavor. Multiply that by four for the Wood family of Stow, Mass., whose quadruplets just graduated from Assumption College after four years and $467,000 in tuition. The family said they paid for their children's private-college tuition — $31,000 a year each — through scholarships, savings, money from their children's after-school jobs, and only $12,000 in student loans. To read the Wood family's story, visit the USA Today website at www.usatoday.com/news/
education/2005-05-15-woods-
quads-graduate_x.htm.