Federal Updates

ED highlights compliance issues at NASFAA Conference, issues letters and guidance
At this year’s NASFAA Conference, held in Washington, D.C. from July 8-11, ED provided a single session, the Federal Update, on the morning of July 10. At the session, the ED speakers provided a summary of current activities at the federal level. These activities include proposed legislation, regulations, and budgets for the upcoming year.

House passes the College Cost Reduction Act of 2007; Senate may take up related bill later this month
Last Wednesday, July 11, the House of Representatives approved the College Cost Reduction Act of 2007 (H.R. 2669) by a margin of 273 to 149. The Senate may consider the bill's companion legislation, the Higher Education Access Act of 2007 (S. 1762), later this month.

TG Updates

TG's sessions at NASFAA Conference leave participants energized
TG presented two sessions at this year’s conference. One took a close look at federal regulations governing Title IV graduate and professional programs of study. The other drew on the expertise of attendees, all of whom had something to share on the essential element of every financial aid office — good customer service.

Reminder: TG to hold webinars on latest AdvanTG Web™ and TG Loans By Web™ enhancements
TG will release enhanced versions of AdvanTG Web and TG Loans By Web on July 21. Many of the latest changes to these products were inspired by customer feedback and take into consideration the current needs of schools and lenders. Users will especially like being able to customize specific features and to gather better reports on student loan data.

TG makes Enhanced EFT Reporting more robust tool with new options
TG’s Enhanced EFT Reporting website provides customers with access to information on their daily electronic funds transfer (EFT) processing through TG. A few changes have been made to various areas of Enhanced EFT Reporting to make the site even more useful for schools and lenders. These enhancements should give users more control over their data and provide more flexibility in tracking EFT disbursements.

Trends and Issues

Question of the week
A borrower has two Consolidation loans; one is eligible for federal interest subsidy and the other is not. Why is this?

This, That, and the Other...

The Education Finance Council (EFC), an association of nonprofit and state-based student loan providers, recently released its annual compilation of the programs, benefits, and services offered by its members. Titled Nonprofit Student Loan Providers: Investing in Communities, the 2007 publication offers a listing of EFC borrower resources by state.

Voting members of the EFC serve in public-purpose organizations dedicated to making college more affordable. Students don't always have to live or attend school in a particular state to receive loans from EFC members.

The EFC report is created for students, families, schools, and other institutions working in higher education. The listing includes links to sites for awareness and outreach efforts, default aversion programs, and public and borrower benefit offerings.

You'll find the report at www.efc.org/cs/benefits.