Federal Updates

2008-09 Federal Student Aid Handbook Errata and Updates
ED has posted the 2008-09 Federal Student Aid Handbook (FSA Handbook) Errata and Updates on the Information for Financial Aid Professionals (IFAP) website.

Closed school corner
The Department of Education announces four new closures.

Current special allowance rates: quarter ending September 30, 2008
Special allowance rates for the quarter ending September 30, 2008, are now available.

TG Updates

Designing a financial literacy program? Attend TG's TASFAA Fall Conference session on financial literacy
TG presents a number of workshops at the TASFAA conference, including a session that looks closely at TG’s recent Financial Literacy Counseling Symposium. The session features important insights shared at the symposium and offers a basic outline for implementing an on-campus financial literacy initiative.

Mid-semester boost: Help your students brush up their study skills with these tips
Students who can master study and organization skills are likely to prepare more effectively for a career. You can give your students a stronger academic foundation with training. TG offers some help with a comprehensive training program on academic and life skills.

Trends and Issues

Question of the week
Is there a minimum age requirement for Stafford loan eligibility?

Common Manual

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

Legislative Update

The 110th Congress passed The Emergency Economic Stabilization Act, H.R. 1424, which authorizes the Secretary of the Treasury to purchase or insure "troubled assets" held by banks as a means to inject financial liquidity into the country's banking system. The law is primarily meant to authorize the purchase and guarantee of mortgages and mortgage securitizations; however, the legislation also permits the Secretary to include other financial instruments deemed to be "troubled assets." Learn more about this latest legislation by reading the full report on TG Online at www.tgslc.org/lege_report/2008/lr_081006.cfm.

This, That, and the Other...

Fidelity Investments® recently announced the results of its second annual College Savings Indicator survey, which found that parents are projected to meet only 21 percent of the total cost of their children's college education, a three percent decrease from last year. The survey calculates how prepared parents are to pay for future college expenses for today's high school seniors.

According to parents surveyed, the current economic conditions are having a direct impact on their ability to save more for college, with 60 percent citing day-to-day expenses as a barrier. As a result, over 30 percent of these parents have either decreased the amount they are saving or have stopped saving completely for their children's future college education. In addition, 35 percent of all parents fear they will need to delay retirement to meet college expenses.

Read more about the survey's findings at http://personal.fidelity.com/myfidelity/InsideFidelity/index_NewsCenter.shtml?refhp=pr.