Guide to Education Grants

Over the past couple of months, the U.S. Congress has been chock-full of impending student loan legislation. Just in case you have been confused, below is a summery of bills that have been introduced into the 110th Congress that originally appeared in a March 20, 2007 article briefing by Barry Stevens titled “Legislative Developments” that appeared in the National Council of Higher Education Loan Programs Inc.’s Daily Briefing.

“The measures are listed in numerical order, with House bills listed first and Senate bills thereafter. The descriptions of the bills are taken from summaries prepared by the Congressional Record Service, where available, and from the Congressional Record otherwise. Both are accessible on the government’s Thomas web site, http://thomas.loc.gov/. A cumulative list of bills introduced in the current Congressional session is posted to NCHELP e-Library at the end of the introduction at http://www.nchelp.org/elibrary/index.cfm?parent=1791.

H.R.1372
Title: RENEWAAL Act of 2007. To provide grants to recruit new teachers, principals, and other school leaders to, and retain and support current and returning teachers, principals, and other school leaders employed in, public elementary and public secondary schools, and to help higher education, in areas impacted by Hurricane Katrina or Hurricane Rita, and for other purposes. Sec. 202 authorizes loan forgiveness for certain teachers.
Sponsor: Rep Miller, George [CA-7] (introduced 3/7/2007) Cosponsors (15)
Latest Major Action: 3/7/2007 Referred to House committee. Status: Referred to the House Committee on Education and Labor.

H.R.1394
Title: Helping Our Students Communicate Act of 2007. To expand the teacher loan forgiveness provisions of the Higher Education Act of 1965 to include speech-language pathologists.
Sponsor: Rep Wilson, Joe [SC-2] (introduced 3/7/2007) Cosponsors (1)
Latest Major Action: 3/7/2007 Referred to House committee. Status: Referred to the House Committee on Education and Labor.

H.R.1407
Title: Higher Education Affordability and Equity Act of 2007. To amend the Internal Revenue Code of 1986 to expand incentives for education.
Sponsor: Rep English, Phil [PA-3] (introduced 3/8/2007) Cosponsors (4)
Latest Major Action: 3/8/2007 Referred to House committee. Status: Referred to the House Committee on Ways and Means.

H.R.1437
Amends the Internal Revenue Code to: (1) make permanent the tax deduction for qualified tuition and related expenses; (2) increase the maximum amount of such deduction to $5,000 and repeal provisions requiring a phaseout of the deduction based on adjusted gross income; and (3) allow grandparents to claim a deduction for the tuition and related expenses of their grandchildren.
Sponsor: Rep Burton, Dan [IN-5] (introduced 3/9/2007) Cosponsors (None)
Latest Major Action: 3/9/2007 Referred to House committee. Status: Referred to the House Committee on Ways and Means.

H.R.1522
Title: One-stop Student Financial Aid Information Act of 2007. To promote the availability and use of the Federal student financial aid website of the Department of Education.
Sponsor: Rep Keller, Ric [FL-8] (introduced 3/14/2007) Cosponsors (1)
Latest Major Action: 3/14/2007 Referred to House committee. Status: Referred to the House Committee on Education and Labor.

H.R.1556
Title: Married Student Debt Relief Act of 2007. To amend the Internal Revenue Code of 1986 to eliminate the marriage penalty on the deduction for interest on student loans.
Sponsor: Rep Terry, Lee [NE-2] (introduced 3/15/2007) Cosponsors (25)
Latest Major Action: 3/15/2007 Referred to House committee. Status: Referred to the House Committee on Ways and Means.

S.565
Title: Next Generation Hispanic-Serving Institutions Act. Amends the Higher Education Act of 1965 to revise requirements for Hispanic-serving institutions (HSIs) under title V (Developing Institutions). Establishes a program of competitive grants to eligible HSIs that offer postbaccalaureate certifications or degrees (part B grants). Limits a part B grant award’s duration to not more than five years. Prohibits the Secretary of Education from awarding more than one part B grant to an HSI in any one fiscal year.
Authorizes appropriations for: (1) the current part A program of grants to HSIs that offer baccalaureate degrees or are junior or community colleges; and (2) the new part B program of grants to HSIs that offer postbaccalaureate certifications or degrees.
Sponsor: Sen Bingaman, Jeff [NM] (introduced 2/13/2007) Cosponsors (8)
Latest Major Action: 2/13/2007 Referred to Senate committee. Status: Read twice and referred to the Committee on Health, Education, Labor, and Pensions.

S.572
Title: Student Aid Reward Act of 2007. Amends title IV (Student Assistance) of the Higher Education Act of 1965 to direct the Secretary of Education to carry out a Student Aid Reward (SAR) Program of payments to encourage institutions of higher education (IHEs) to participate in the student loan program under title IV that is most cost-effective for taxpayers.
Requires that a SAR payment to an IHE equal at least 50% of the savings to the federal government generated by the IHE’s participation in the most cost-effective student loan program, rather than one not cost-effective for taxpayers.
Requires IHEs receiving SAR payments to: (1) provide student loans under that most cost-effective program for five years after the payment date; and (2) use payment funds, where appropriate, to supplement student Pell Grants. Allows such funds to be used also to award need-based grants to lower and middle income graduate students.
Sponsor: Sen Kennedy, Edward M. [MA] (introduced 2/13/2007) Cosponsors (3)
Related Bills: H.R.1010
Latest Major Action: 2/13/2007 Referred to Senate committee. Status: Read twice and referred to the Committee on Health, Education, Labor, and Pensions.

S.707
Title: Pell Grant Equity Act of 2007. Amends the Higher Education Act of 1965 to make the formula for calculation of an individual Pell Grant which includes, in part, the sum of the student’s tuition, inapplicable for the 2007-2008 academic year. (Thus suspends for such year the “tuition sensitivity provision” which prohibits maximum Pell Grant awards to students attending low-tuition institutions of higher education even
if their income is low enough to otherwise qualify for the maximum award.)
Amends the Federal Family Education Loan program to lower from 23% to 22% for FY2008 the percentage of a borrower’s student loan payment made subsequent to default that a guaranty agency may retain for deposit in its operating fund if the Secretary of Education has already reimbursed it for such default.
Sponsor: Sen Boxer, Barbara [CA] (introduced 2/28/2007) Cosponsors (1) Related Bills: H.R.990
Latest Major Action: 2/28/2007 Referred to Senate committee. Status: Read twice and referred to the Committee on Health, Education, Labor, and Pensions.

S.851
Title: Higher Education Opportunity Act of 2007. A bill to amend the Internal Revenue Code of 1986 to provide a higher education opportunity credit in place of existing education tax incentives.
Sponsor: Sen Schumer, Charles E. [NY] (introduced 3/13/2007) Cosponsors (8)
Latest Major Action: 3/13/2007 Referred to Senate committee. Status: Read twice and referred to the Committee on Finance.

S.883
A bill to amend the Higher Education Act of 1965 to extend loan forgiveness for certain loans to Head Start teachers.
Sponsor: Sen Feinstein, Dianne [CA] (introduced 3/14/2007) Cosponsors (1)
Latest Major Action: 3/14/2007 Referred to Senate committee. Status: Read twice and referred to the Committee on Health, Education, Labor, and Pensions.

S.899
A bill to amend section 401(b)(2) of the Higher Education Act of 1965 regarding the Federal Pell Grant maximum amount; to the Committee on Health, Education, Labor, and Pensions.
Sponsor: Mr. DODD (for himself, Ms. MIKULSKI, Mrs. MURRAY, Mr. SANDERS, Mr. DURBIN, Mr. LIEBERMAN, Ms. CANTWELL, Mr. AKAKA, and Mr. LEVIN). Introduced 3/15/2007.”

It is important to keep up to date on the effects of the U.S. Department of Education and news on student loans and education. What goes on in government and in your state can have a great impact on your student loans and your college education.

For all the information you need about student loans, go to www.nextstudent.com.

Student Loan Girl
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