Higher Education Act Detail
With the changes proposed in 2003, the actual Higher Education Act was not reauthorized. Instead, many of its sections were renewed, with little radical change. Numerous extensions have followed, with the most recent extension lasting through August 15, 2008. The Senate passed an HEA reauthorization bill in July 2007, as did the House of Representatives in February 2008.[7]On August 14, 2008, the Higher Education Opportunity Act (Public Law 110-315) (HEOA) was enacted.[8] It reauthorized the amended version of the Higher Education Act of 1965.[9] This act made major changes in student loan discharges for disabled people. Previously, to qualify for a discharge, a disabled person could have no income. This has been changed to a no "substantial gainful activity" test, which is the same standard used by the Social Security Administration in determining eligibility for Social Security Disability Insurance (SSDI). The changes took effect on July 1, 2010.Additionally, the College Cost Reduction and Access Act (CCRA), a budget reconciliation bill signed into law in September 2007, made significant changes to federal financial aid programs included in HEA. In addition to increasing the maximum Pell grant award and reducing interest rates on subsidized student loans, this bill capped loan repayment at 15 percent of an individual’s discretionary income, raised the income protection allowance, enacted loan forgiveness for public servants in the Direct Loan program, set publicly funded student loans to fixed rates from variable rate loans, and took actions to address problematic practices in the lending industry. Most CCRA provisions took effect on October 1, 2007.[10]The law for the first time also required post-secondary institutions be more transparent about costs and required the nearly 7,000 post-secondary institutions that receive federal financial aid funds (Title IV) to post net price calculators on their websites as well as security and copyright policies by October 29, 2011.
With the changes proposed in 2003, the actual Higher Education Act was not reauthorized. Instead, many of its sections were renewed, with little radical change. Numerous extensions have followed, with the most recent extension lasting through August 15, 2008. The Senate passed an HEA reauthorization bill in July 2007, as did the House of Representatives in February 2008.[7]On August 14, 2008, the Higher Education Opportunity Act (Public Law 110-315) (HEOA) was enacted.[8] It reauthorized the amended version of the Higher Education Act of 1965.[9] This act made major changes in student loan discharges for disabled people. Previously, to qualify for a discharge, a disabled person could have no income. This has been changed to a no "substantial gainful activity" test, which is the same standard used by the Social Security Administration in determining eligibility for Social Security Disability Insurance (SSDI). The changes took effect on July 1, 2010.Additionally, the College Cost Reduction and Access Act (CCRA), a budget reconciliation bill signed into law in September 2007, made significant changes to federal financial aid programs included in HEA. In addition to increasing the maximum Pell grant award and reducing interest rates on subsidized student loans, this bill capped loan repayment at 15 percent of an individual’s discretionary income, raised the income protection allowance, enacted loan forgiveness for public servants in the Direct Loan program, set publicly funded student loans to fixed rates from variable rate loans, and took actions to address problematic practices in the lending industry. Most CCRA provisions took effect on October 1, 2007.[10]The law for the first time also required post-secondary institutions be more transparent about costs and required the nearly 7,000 post-secondary institutions that receive federal financial aid funds (Title IV) to post net price calculators on their websites as well as security and copyright policies by October 29, 2011.
Higher Education Act
Higher Education Act
Higher Education Act
Higher Education Act
Higher Education Act
Higher Education Act
Higher Education Act
Higher Education Act
Higher Education Act
Higher Education Act
Higher Education Act
Higher Education Act
Higher Education Act
Higher Education Act
Higher Education Act
Higher Education Act
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