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today’s news for Friday, July 29, 2022

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NEWS FROM NASFAA

The Senate Appropriations committee on Thursday formally unveiled the draft text of its annual spending plan that contains $87.3 billion in base discretionary funding for the Department of Education (ED). The Senate’s proposal marks an increase of $7.248 billion above the fiscal year 2022 enacted level, however those top-line numbers come in $1 billion less than President Joe Biden’s initial budget request.

The Department of Education (ED) has drafted plans to implement broadscale student loan debt cancellation should President Joe Biden decide to approve such a policy, which has been teased since the 2020 presidential campaign, according to an internal memo. The document, first reported by POLITICO, provides details being considered by top ED officials over how the agency would go about implementing cancellation, how it would be automated, and what preparations the department is taking to communicate with borrowers before a potential announcement.

A federal law intended to curb the marketing of credit cards to college students may be inadvertently pushing them to take on more student loan debt, particularly among less affluent students, according to a new working paper. The report, which was conducted with the support of financial aid offices of Texas A&M University, aims to provide a clearer understanding of how regulations on the exposure to credit cards among college students affect student loan borrowing, and whether such a policy was beneficial to vulnerable borrowers.

NASFAA UPDATES AND ANNOUNCEMENTS

With Congress slated to embark on its summer recess for the month of August, your “Off The Cuff” team will also be taking a brief summer break. While we use the month ahead to strategize and brainstorm new ideas for our return this fall, be sure to catch up on past episodes focusing on the practice of transcript withholding policies, the administration’s consideration of broad scale student loan debt cancellation, a conversation with ED Under Secretary James Kvaal, and Congress’ summer agenda, and stay tuned for special episodes following any breaking news or pertinent topics! Have ideas or requests for what you'd like to have us cover in the coming months? Send your comments, questions, and suggestions using our podcast feedback form.

Please join us in congratulating Dr. Latisha Addison, formerly the regional director of financial aid at Austin Community College, who is now the executive director of student financial success at Texas Southern University. Celebrate your own career developments by completing the "Movers and Shakers" form to share the news with your colleagues.

INDUSTRY NEWS OF THE WEEK

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