July 24, 2007

HEA Passes Senate 95-0

Posted in FAFSA, Student Loan News, The Financial Aid Process at 3:11 PM by Joe From Boston


The US Senate today passed the Higher Education Amendments of 2007 , also known as HEA.  Here’s what NCHelp.org has to say about it:

By a vote of 95 to 0, the Senate today unanimously approved the Higher Education Amendments of 2007 (S. 1642), legislation that includes provisions pertaining to Title IV, Part B, school codes of conduct, preferred lender lists, and issues concerning school accreditation.

HELP Committee Ranking Member Mike Enzi (R-WY) stated “S. 1642 will restore students’ trust in student loan programs by holding lenders and schools to a code of conduct. It will also ensure that students and parents have the information they need about the costs of college and the financial impact of their loans so they can make sound decisions about their futures.”

According to a press release issued by his office, key provisions of the legislation include:

  • Providing consumer friendly, easy to access and understand, detailed information about college tuition and fees;
  • Calling for the Department of Education and IRS to coordinate and automate the FAFSA process;
  • Requiring the Department of Education to establish protocols for limiting and restoring access to the National Student Loan Data System, a database that contains personal financial information about student borrowers and their families and is used by students, schools, lenders, and guarantee agencies;
  • Requiring colleges to establish Codes of Conduct to prohibit their financial aid employees from receiving anything of value in exchange for advantages sought by lenders; and,
  • Providing consumer friendly, easy to access and understand, detailed information about college tuition and fees;
  • Calling for the Department of Education and IRS to coordinate and automate the FAFSA process;
  • Requiring the Department of Education to establish protocols for limiting and restoring access to the National Student Loan Data System, a database that contains personal financial information about student borrowers and their families and is used by students, schools, lenders, and guarantee agencies;
  • Requiring colleges to establish Codes of Conduct to prohibit their financial aid employees from receiving anything of value in exchange for advantages sought by lenders; and
  • Expanding prohibitions on guaranty agencies and lenders that restrict the offering of any premiums, payments, prizes, and tuition payments.
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2 Comments »

  1. […] Original post by moniqueleonard […]

  2. […] Original post by moniqueleonard […]


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