On Saturday, the Senate passed without debate H.R. 5185, the Higher Education Extension Act of 2004, which extends all Higher Education Act program authority, including the Title IV federal student assistance programs, through September 30, 2005
The Senate also passed, with limited debate, H.R. 5186, the Taxpayer-Teacher Protection Act of 2004, which would partially close for one year a loophole in current student aid regulation that allows nonprofit lenders that finance their loans using tax-exempt bonds a guaranteed return of 9.5%. H.R. 5186 uses the savings from these "excess subsidies" to expand loan forgiveness for qualified teachers of math, science, and special education who agree to teach for five or more years in high-poverty K-12 schools. The House passed each measure last week.
NASFAA President Dallas Martin on October 4 sent letters to a bipartisan leadership group of higher education legislation authorizing committee members (including House Chairman Boehner and Senate Chairman Gregg) seeking passage of two bills--the Higher Education Extension Act of 2004 (H.R. 5185), and the Taxpayer-Teacher Protection Act of 2004 (H.R. 5186 and S. 2877). NASFAA also signed on to a letter from the higher education community concerning this issue.
By Larry Zaglaniczny
NASFAA Director for Congressional Relations
Posted October 13, 2004 on www.NASFAA.org, Web Site of the
National Association of Student Financial Aid Administrators
Copyright 2004. Redistribution to nonmember institutions is prohibited
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