Federal Updates

Higher Education Act granted another extension
On April 1, 2006, the president signed into law H.R. 4911, the Higher Education Extension Act of 2006. Previous legislation (H.R. 4525) had temporarily extended the Higher Education Act of 1965 (HEA) in its current state through March 31, 2006; this new legislation further extends the HEA through June 30, 2006, allowing Congress additional time to reach agreement on reauthorization issues.

The rebirth of reauthorization?
Last week, the U.S. House of Representatives passed H.R. 609, the College Access and Opportunity Act, by a vote of 221 to 199. But while the passage of this bill (the House's comprehensive reauthorization legislation) in the House may have jump started the reauthorization process again, its rebirth may be short lived, as the Senate is expected to follow a different path on its own timetable.

ED releases guidance on lender reporting
On Thursday, March 30, ED released Dear Colleague Letter (DCL) FP-06-04. The letter provides guidance on reporting changes to the Lender's Interest and Special Allowance Request and Report (LaRS) resulting from new provisions in the Higher Education Reconciliation Act (HERA).

TG Updates

Question of the week
If a student enrolls in the summer as an undergraduate and receives a subsidized Stafford loan, would the amount that the student borrowed in the summer impact how much the student could borrow in subsidized Stafford loan funds as a graduate student in the following fall and spring?

Trends and Issues

Mapping Your Future^® launches online financial literacy educational tool
Mapping Your Future recently launched Show Me the Future™, an online life skills and financial literacy game for high school students. Show Me the Future teaches players the importance of life skills and provides financial tools necessary to make personal financial decisions. The game is accessible to anyone on the Mapping Your Future website.

This, That, and the Other...

Whether looking for a career change or to advance in their current career, thousands of adults are seeking not one, but a second master's degree, reports The Washington Post. Adult education is thriving nationwide, with more than 92 million adults taking college classes. And increasingly, they are returning to school for a second advanced degree even as they juggle full-time jobs and families.

While such students are not specifically counted by the Department of Education or individual colleges, anecdotal evidence from admissions officers and professors suggests that young professionals are buying into the idea of lifelong learning. After all, a second advanced degree can help them stand out in an era when everyone seems to have a bachelor's degree, and more and more people have a master's.

For colleges, adult students represent an important profit center. Adult students fill classrooms that would otherwise sit empty at night, are taught mostly by part-time professors paid per class, and require few of the services that traditional undergraduates demand, such as financial aid, dining halls or intramural sports. Adult classes generate profit margins of at least 10 and up to 50 percent. To read the April 2, 2006, article, visit www.washingtonpost.com/wp-dyn/content/article/2006/03/28/AR2006032801328.html.