Federal Updates

President signs HEA and HEROES Act extensions into law
On Friday, President Bush signed two pieces of legislation extending the Higher Education Act of 1965 (HEA) and the Higher Education Relief Opportunities for Students (HEROES) Act, both of which were set to expire on September 30, 2005.

Current Stafford MPN and deferment forms extended
The current Stafford Loan Master Promissory Note (Stafford MPN) and the current FFELP deferment forms were scheduled to expire on September 30, 2005. However, ED has received a notice from the Office of Management and Budget (OMB) approving an extension of the current forms.

TG Updates

Updated School Fact Sheets available on TG Online
TG has updated the online HTML version of the School Fact Sheets to include the recently released ED FY 2003 cohort default rates. You may find the School Fact Sheets at www.tgslc.org/tgslc/schlfs/.

TG Resources: Brochure helps students understand repayment process
TG provides many materials to help students understand the lifecycle of their student loan. TG's "Frequently Asked Questions" brochure answers the most common questions borrowers have as they begin to repay their student loans.

Trends and Issues

TG helps Mapping Your Future^® accomplish major milestone
On October 1, Mapping Your Future^® became an independent organization sponsored by all guaranty agencies and supported by lenders, services, and other financial aid industry organizations, but independent of any one. By achieving its goal of becoming a truly independent organization, Mapping Your Future, with the support of its Sponsors and Friends, looks forward to future enhancements of services and features.

Legislative Update

The September 28 issue of TG's Legislative Report includes a Congressional update with details on recent meetings between representatives from TG, TASFAA, and ATLE, and 12 Texas Congressional Delegation offices, to provide the members and staff with TG's and Texas student financial aid community's views on HR 609 and S 1614 — the House and Senate Higher Education Act reauthorization bills. 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...

A bachelor's degree has long been regarded as a means to achieving a higher-paying job than someone with only a high school diploma. Since 2001, however, the wage gap has stagnated due to the large number of people now in the job market who hold a college degree. According to an October 2 New York Times article, the percentage of college-educated young people has reached an all-time high, while hiring has slowed. The oversupply of college graduates is likely to disappear in the years ahead, but until then economists say it can be an obstacle.

Although the wage premium between high school graduates and those with a college degree has shrunk slightly from 45 percent to 40 percent, a four-year degree is still a solid investment. The median wage of full-time workers who are at least 25 years old at the end of 2004 was $986 a week for those with a bachelor's degree or higher, versus $574 for those with only a high school education, according to the most recent calculation from the Bureau of Labor Statistics. To read the article, visit www.nytimes.com/2005/
10/02/jobs/
02Uchitelle.html.