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Federal Updates
Congress passes reconciliation bill
Legislators finalized HR 2669, the College Cost Reduction and Access Act, through the conference committee process, followed by approval by both the House and Senate on September 7. Despite warnings that the administration would veto earlier, similar legislation, President Bush has indicated he intends to sign HR 2669.
ED issues DCL providing guidance on release of student information
ED released Dear Colleague Letter (DCL) GEN-07-05 in response to reports that outside agencies have requested information from schools about students or former students under the Federal Freedom of Information Act (FOIA). ED reminds schools that since the federal FOIA applies only to certain federal agencies and their employees, schools are not subject to the federal FOIA and therefore are not required to release any student information under this law.
ED releases FY 2005 cohort default rates
On September 10, ED released the official cohort default rates for FY 2005. All domestic schools that signed up for the Electronic Cohort Default Rate (eCDR) process will receive their FY 2005 official rate electronically via their Student Aid Internet Gateway (SAIG) mailboxes. Domestic schools not signed up for the eCDR process will have to get their cohort default rates from the National Student Loan Data System (NSLDS).
TG Updates
National initiative enhances English-Spanish glossary related to higher education
A national consortium of organizations involved in student financial aid and other educational services, including TG, has released the third edition of an English-Spanish glossary of terms relating to access to higher education — a version that now includes a searchable online database.
Meet John Gill, TG's director of data reporting
With over nine years experience in information technology, John is well equipped to manage TG’s data reporting efforts. John is a veteran of the industry workgroups that hammer out the electronic standard or “language” by which schools, lenders, and guarantors share loan information. In fact, John played a leading role in creating some of those standards, including POP3 (Post Office Protocol 3) and FTP (File Transfer Protocol).
Trends and Issues
Question of the week
What are the conditions under which a borrower may be required to complete a new Master Promissory Note (MPN) for either a Stafford or PLUS loan?
Legislative Update
Congress passed and President Bush has agreed to sign into law HR 2669, The College Cost Reduction Act. HR 2699 amends Part B of the Higher Education Act (HEA) — which governs the FFELP — in ways that achieve $21 billion in savings. About $750 million of this amount is earmarked for deficit reduction; the remainder will go toward an increase in funding for programs mandated by Title III, IV, and V of the HEA. The bill includes most of HR 5 — The College Student Relief Act; HR 472 — The College Affordability and Transparency Act; HR 1608/S 939 — The College Aid made EZ Act and The Financial Aid Form Simplification and Access Act; S 359 — The Student Debt Relief Act; and S 938 — The Accessing College through Comprehensive Early Outreach and State Partnerships (ACCESS). The Senate has passed S 1642 — The Higher Education Amendments of 2007 — though the president has threatened a veto. Learn more about the latest developments with reauthorization and the budget reconciliation process by reading the full Legislative Report on TG Online at www.tgslc.org/lege_report/index.cfm.
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