Yesterday, Senator Lamar Alexander (R-TN), new Chairman of the Committee on Health, Education, Labor and Pensions (HELP), along with Senator Michael Bennet (D-CO), officially introduced the Financial Aid Simplification and Transparency (FAST) Act. The bill, released last summer in the form of a discussion draft, would dramatically simplify the federal financial aid system while improving transparency and access. The FAST Act also includes many issues for which NASFAA has been advocating.
As a reminder, the FAST Act would:
Prior coverage from NASFAA provides a more detailed analysis of the bill.
NASFAA has advocated heavily for several provisions that appear in this bill, including a move to PPY, the restoration of the year-round Pell Grant, and the authority for aid administrators to limit loan amounts on a broader basis than is currently allowed.
This is the first reauthorization-related bill to be introduced in the new 114th Congress and Congress has a long way to go before a full reauthorization bill is near completion. Stay tuned to Today’s News for updates on the FAST Act and other reauthorization efforts.
Publication Date: 1/8/2015