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© 2014 NASFAA Reauthorization of the Higher Education Act WFAA Conference 1 The National Association of Student Financial Aid Administrators
© 2014 NASFAA2 Reauthorization of Higher Education Act Law mandates reauthorization every 5-7 years –Higher Education Opportunity Act passed in 2008 Reauthorization should occur in 2014 –It won’t happen on time –The process has started, but there will not be a final bill Predictions on timing –An automatic one-year extension will be granted at end of 2014 –Initial legislation has been released in both House and Senate, but markups are unlikely in this Congress –Election recess and a lame duck Congress will slow progress –Maybe start to see real movement in spring of 2015
© 2014 NASFAA3 NASFAA’s Reauthorization Task Force Began work in January 2012 Consisted of 17 members from all sectors and regions Forty listening sessions around the country
© 2014 NASFAA4 Total Comments
© 2014 NASFAA5 NASFAA’s Reauthorization Task Force Developed 60 comprehensive recommendations approved by the NASFAA Board Recommendations submitted to both the House and Senate Education Committees in the fall of 2013 Document will continue to be updated, as the timetable for reauthorization is fluid
© 2014 NASFAA6 RTF Spin-off Task Forces Public Service Loan Forgiveness Task Force Report released in July 2014 Key recommendations to strengthen the PSLF program –Forgiveness limits: 100% up to $57,500 and 50% of remainder up to $138,500 total forgiveness –Keep untaxed –Increase awareness –Make data public
© 2014 NASFAA7 RTF Spin-off Task Forces Consumer Information Task Force Report released in August 2014 Key recommendations to improve consumer information –Eliminate annual notice and use College Navigator –Repeal student unit record ban –Examine usefulness of campus safety and fire safety reports, etc. –Eliminate non Title IV-related disclosures (e.g., Constitution Day, voter registration, etc. –Exempt graduate programs from inapplicable requirements –Require consumer testing for all new consumer information requirements
© 2014 NASFAA8 RTF Spin-off Task Forces Campus-Based Allocation Formula Task Force Report released in August 2014 Four recommendations to modify the campus-based aid allocation formula –Reconstruct income bands to more accurate reflect student need –Eliminate the base guarantee with phase-in protection –Restructure FSEOG fair share formula to be based on Pell funding received by institution with phase-in protection –Increase the assumed self-help for undergraduates in FWS and Perkins fair share formulas from 25% to 35% with phase-in protection
© 2014 NASFAA9 RTF Spin-off Task Forces Task forces starting work in fall 2014 R2T4 Competency-Based Education
© 2014 NASFAA10 Higher Education Affordability Act Senate Democrats’ first draft of reauthorization bill HEAA introduced on June 25 th Key provisions: –PPY –Year-round Pell –Eliminates student loan origination fees –Early notification of potential financial aid packages –Streamline repayment programs: a 10-yr plan, and an income-based plan –Borrowers more than 150 days delinquent auto-enrolled in IBR –Full school certification of private loans –Private student loans can be discharged in bankruptcy
© 2014 NASFAA11 Senators Alexander/ Bennet FAST Act Financial Aid Simplification and Transparency (FAST) Act Introduced on June 19 th Eliminates the FAFSA –Only asks for a student’s family size and adjusted gross income from two years prior Implements a one grant/one loan system Streamlines the repayment process into two programs: –A standard 10-year repayment and an income-based repayment Introduces a “look-up” table that uses family size and PPY to find the Pell Grant award amount –Provides early information to students and families Institutional authority to limit loans
© 2014 NASFAA12 House GOP Reauthorization Released four bills: –Simplifying the Application for Student Aid Act –Empowering Students Through Enhanced Financial Counseling Act (Passed) –Strengthening Transparency in Higher Education Act (Passed) –Advancing Competency Based Education Demonstration Project Act (Passed) These bills begin to address the committee’s four guiding principles: –Empowering students and families to make informed decisions –Simplifying and improving student aid –Promoting innovation, access, and completion –Ensuring strong accountability and a limited federal role
© 2014 NASFAA13 House GOP Reauthorization Simplifying the Application for Student Aid Act –Mandates the use of PPY income in federal need analysis –Not yet marked up Strengthening Transparency in Higher Education Act –Replaces College Navigator with a new site called College Dashboard –ED would maintain the site, and it would have institutional level information related to basic facts about an institution, such as: sector, web address, enrollment, completion, costs, financial aid, and cohort default rates –Passed the full House
© 2014 NASFAA14 House GOP Reauthorization Empowering Students Through Enhanced Financial Counseling Act Replaces one-time entrance counseling requirement with annual counseling that must be completed before student accepts the loan Passive confirmation of loans would no longer be allowed Exit counseling is expanded to include borrower-specific information Calls for annual counseling of Pell recipients ED required to offer consumer-tested, on-line counseling Requires Parent PLUS counseling Passed the full House
© 2014 NASFAA15 Other Reauthorization Marker Bills What is a marker bill? –Legislation that gets introduced to promote an idea or set of ideas, but without the intent of immediate Congressional action Recent marker bills: –Pell Grant Protection Act (Sen. Hirono) –Student Loan Borrower Bill of Rights (Sen. Durbin) –Bank on Students Emergency Loan Refinancing Act (Sen. Warren) –CHANCE Act (Sen. Landrieu) –Simplifying Financial Aid for Students Act (Sen. Booker) –College Affordability & Innovation Act (Sens. Murphy & Schatz) It’s clear that Congress is interested in student aid issues
© 2014 NASFAA16 Other “Hot Topics” for Reauthorization What is going to happen to the undergraduate interest subsidy? What is going to happen to the Campus-Based Loan programs, including the Perkins Loan Program? What will be done to address regulatory burden?
© 2014 NASFAA17 Questions?
© 2014 NASFAA18
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