Yesterday President Bush signed H.R. 4137, the Higher Education Opportunity Act (HEOA), which reauthorizes and makes changes to virtually all of the federal student aid programs.
"We applaud legislators and President Bush for signing this long-awaited bill into law," said NASFAA President Dr. Phil Day. "While we fully support the intent of this legislation and several of its provisions, we do have concerns that must be addressed. We are looking forward to working with the Department of Education during the regulatory process to ensure that institutions can implement this law seamlessly, in a way that doesn't inadvertently hinder the service schools provide to students."
On Wednesday, the Congressional Budget Office released its cost estimate for implementing the HEOA. The law will affect direct spending by altering the eligibility of students and institutions for the federal student loan programs, creating two new mandatory grant programs for institutions of higher education, and modifying several existing mandatory grant programs, according to the CBO. The CBO estimates that the HEOA will decrease direct spending by $60 million from 2008 to 2013 and by $65 million from 2008 to 2018. The law will have a negligible impact on federal revenues, according to the CBO.
Yesterday, NASFAA opened registration for its August 21, 2008, Webinar "Reauthorization First Alerts," which will focus on changes resulting from the HEOA that are likely to have an immediate impact on your students and operations. The Webinar will address student consumer information and disclosures, provisions that impact veterans and military personnel, the most significant changes to need analysis and student eligibility, and critical changes to the individual Title IV programs. The live, 2-hour Webinar is a benefit of your NASFAA membership, and will run from 1:30 p.m. to 3:30 p.m. EDT on August 21. A recording of the Webinar will be available for download shortly after the conclusion of the event. See the NASFAA Webinar Center for details.
NASFAA’s summary of the HEOA, along with related media reports, legislative documents, and other analysis.
Additional Media Coverage
Posted 08/15/08 to www.NASFAA.org. Redistribution to non-NASFAA institutions is prohibited. Please submit Web Site questions or comments to Web@NASFAA.org.
