2008 Woodie Awards
Education act lowers debt, loans
By Erica Tuggle
Issue date: 2/21/08 Section: News
The College Opportunity and Affordability Act, set for passage during the 2008 academic year, addresses the rising costs of college tuition, according to the Campus Progress Web site.
The act will affect Pell Grant amounts, loan forgiveness policies, controlling tuition costs, increasing graduate and undergraduate students with disabilities make aid possible, and simplifying the FAFSA, the Campus Progress Web site said.
Members of the committee for the passage of the bill are also working to repeal the "Aid Elimination Policy," which has denied aid to 200,000 students with drug convictions, according to the Campus Progress Web site.
U.S. House of Representatives Chairman George Miller of the higher education legislation said this will provide a "bill of rights" for students and parents.
"…For too long, the rules of the education loan programs have been titled in favor of banks and lenders," Miller wrote in a press release.
"It is time that the rules favored students and families who are already struggling to pay for college amidst rising tuition prices," Miller wrote.
Some of the rights included in the bill are: the right to repay loans early without financial penalty and the right to change your mind on loan acceptance and the right to know if federal loans are available to you before the private loans, according to the Library of Congress Web site.
If the bill passes, it will give students a greater chance of finding a job in their field after graduation to pay off their loans, Associate Director of Financial Aid, Jocelyn Hogg said.
"It will stop lenders from [mailing] blank loan papers for students who have no relationship with the bank," Hogg said.
This means that many official looking letters marked "last notice," which are actually loan offers will stop, Hogg said.
Students have a responsibility to research financial aid, and become familiar with the policies of financial aid, Hogg said.
The act will affect Pell Grant amounts, loan forgiveness policies, controlling tuition costs, increasing graduate and undergraduate students with disabilities make aid possible, and simplifying the FAFSA, the Campus Progress Web site said.
Members of the committee for the passage of the bill are also working to repeal the "Aid Elimination Policy," which has denied aid to 200,000 students with drug convictions, according to the Campus Progress Web site.
U.S. House of Representatives Chairman George Miller of the higher education legislation said this will provide a "bill of rights" for students and parents.
"…For too long, the rules of the education loan programs have been titled in favor of banks and lenders," Miller wrote in a press release.
"It is time that the rules favored students and families who are already struggling to pay for college amidst rising tuition prices," Miller wrote.
Some of the rights included in the bill are: the right to repay loans early without financial penalty and the right to change your mind on loan acceptance and the right to know if federal loans are available to you before the private loans, according to the Library of Congress Web site.
If the bill passes, it will give students a greater chance of finding a job in their field after graduation to pay off their loans, Associate Director of Financial Aid, Jocelyn Hogg said.
"It will stop lenders from [mailing] blank loan papers for students who have no relationship with the bank," Hogg said.
This means that many official looking letters marked "last notice," which are actually loan offers will stop, Hogg said.
Students have a responsibility to research financial aid, and become familiar with the policies of financial aid, Hogg said.
