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Federal Updates
HEA extension on hold
Some readers may have noticed that the last extension of the Higher Education Act (HEA), reported in Shoptalk Online edition 430, expired on April 30. Although the Senate has approved another extension (S.2929) through May 31, the House has yet to take up the issue.
Congress approves student loan access bill
On May 1, 2008, Congress approved H.R. 5715, the "Ensuring Continued Access to Student Loans Act of 2008." This bill responds to recent events in the U.S. credit markets. Selected provisions of the final version of H.R. 5715, with various effective dates noted, are summarized inside.
ED issues new Dear Colleague Letter on lender-of-last-resort
ED has released a Dear Colleague Letter (DCL) GEN-08-05/FP-08-05, providing additional guidance on the lender-of-last-resort (LLR) program.
Closed school corner
The Department of Education announces three new closures.
TG Updates
New TG financial literacy tool demonstrates the cost of a credit card shopping spree
Recently, TG unveiled a new tool to help students understand the true costs of buying on credit. This interactive Credit Card Skills Builder teaches students the credit card basics and demonstrates the cost of credit cards after finance and interest charges are added.
2008 TG Annual Training Conference materials available online
If you missed TG's 2008 Annual Training Conference, or couldn't make all the sessions you wanted to attend, TG offers the next best thing: workshop slides and handouts for a number of presentations now available online.
Call for papers for TG publication on enrollment management
TG, in partnership with the Department of Educational Administration at the University of Nebraska-Lincoln, publishes a refereed journal on enrollment management. The journal focuses on issues of student access and success, and the role financial aid plays in whether students achieve their educational goals.
Trends and Issues
Sticky situations: Required student and/or parent authorizations for cash management purposes
In this article, Shoptalk Online returns to its series on difficult policy issues that come up every so often in the Title IV programs with a discussion of required student and/or parent authorizations.
Question of the week
While completing his undergraduate degree, a student exceeded his Stafford aggregate loan limit. Can he still receive Stafford loans as a graduate student?
Common Manual
Common Manual Updates
Information on recent updates to the Common Manual.
Legislative Update
Recent legislative activity has focused on the liquidity issues with student loan markets. On April 31 and May 1, the House and Senate approved a compromise version of H.R. 5715, The "Ensuring Continued Access to Student Loans Act," which is discussed in detail in another article in this issue of Shoptalk Online. In addition, Rep. Paul Kanjorski (D-Pa.) and Sen. John Kerry (D-Mass.) have filed legislation (H.R. 5723/S. 2847 — "The Emergency Student Loan Market Liquidity Act"), which proposes to allow the 12 Federal Home Loan Banks to assist student loan lenders by enabling the banks to temporarily invest in student loan-related securities with their surplus funds. The same two members have also filed H.R. 5914, "The Student Loan Access Act," that provides the Treasury Department's Federal Financing Bank with the explicit authority to purchase loans guaranteed under Part B of the Higher Education Act. Learn more about these various pieces of legislation by reading the full report on TG Online at www.tgslc.org/lege_report/2008/lr_080502.cfm.
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