Federal Updates

Final rules bring few changes
On November 1, ED released two packages of final regulations, also known as final rules. One package concerns the federal student aid programs, including the FFELP; the rules from that package are effective December 1, 2006. The other package contains rules on the new Academic Competitiveness Grant (ACG) and National Science and Mathematics Access to Retain Talent Grant (National SMART Grant) programs that are effective July 1, 2007, although schools have the discretion to implement the provisions of the rules on or after November 1, including for the 2006-07 award year.

TG Updates

TG and Council recognize the University of Texas at Austin with Commitment to Student Success Award
For each of the past three years, the Commitment to Student Success Award has recognized extraordinary performance in the areas of debt management and default prevention. This year, The University of Texas at Austin (UT) received the award for its Pathways to Progress Program.

Spotlight on TG's Public Benefit Grant Program: Southwestern University
Recently, TG awarded more than $3.8 million in competitive grants to 28 institutions and nonprofit organizations for the 2006-07 academic year. One of these awards went to Southwestern University, a four-year liberal arts college in Georgetown, Texas.

TG sets busy training schedule through the end of the year
At this time of year, one of the best gifts to give a financial aid professional is some training, whether on industry topics or for professional development. Take advantage of the relative hiatus between peak seasons and join TG for training at specific association conferences or at TG's regional trainings in Texas.

Trends and Issues

Question of the week
If a school originally certified a Stafford loan for a 16-week term and then, before the loan is disbursed, the student switches to a mini-session (9-week term), does the school have to adjust the cost of attendance (COA) or the loan period?

Common Manual

Common Manual Updates
Information on recent updates to the Common Manual.

This, That, and the Other...

The College Board recently released two annual reports and a supplement to a previously-released report. The two reports — Trends in College Pricing 2006 and Trends in Student Aid 2006 — document the average 2006-07 college prices and 2005-06 student aid data. The 2006 supplement to Education Pays: The Benefits of Higher Education for Individuals and Society documents the monetary and non-monetary benefits of higher education in addition to differences in participation and success across demographic groups.

Based on trends tracked in these reports, the College Board announced that increases of average tuition and fees slowed for the third year in a row at four-year public colleges. However, prices are still up 35 percent from five years ago, after adjusting for inflation. The increase in average tuition and fees for two-year public colleges in 2006-07 was just slightly above the inflation rate. At all institutions, the net price — the average price students pay after grants and tax benefits are considered — is significantly lower than the published price. Total student aid increased by 3.7 percent to $134.8 billion in 2005-06, but total federal grant aid failed to keep pace with inflation. Even without factoring in inflation, the average Pell Grant per recipient fell by $120.

Read the College Board's announcement of the reports' release and view the reports at www.collegeboard.com/press/releases/150634.html.

Reminder

TG offices will be closed on Friday, November 10, for Veteran's Day.