| Quick Take: |
The HEA reauthorization bill -- along with related budget and HEA extension legislation in 2006 and 2007 -- created, modified, and funded federal student aid programs. Changes include an increase in the Pell Grant maximum and federal student loan borrowing limits; a decrease in the interest rate on subsidized loans; expanded loan forgiveness; expanded eligibility for the PLUS program, including eligibility for graduate students; and creation and funding of the Academic Competitiveness Grant , SMART Grant and TEACH Grant programs. |
| |
|
When Will This
Take Effect? |
- Many of the changes that were part of the budget reconciliation acts passed in 2006 and 2007 have already gone into effect, including an annual supplement to the Pell Grant maximum that rises from $490 in FY 2008 to $1,090 in FY 2012.
- Need analysis changes go into effect July 1, 2010, except for the professional judgment provision, which went into effect when the bill was signed into law on August 14, 2008.
- Additional authorized increases in the Pell Grant maximum (reaching $8,000 for FY 2014) are unlikely to be fully realized because Congress must fund the increases through the annual appropriations process.
|
| |
|
| Who on Campus May Need to Be Involved? |
Financial aid; admissions |
| |
|
| Additional Resources |
Statuatory Language
Pell Grants
Campus-based Aid
Loans
ACG/SMART/TEACH Grants |
| |
|