According to a report on the American Student Assistance website, House Committee on Education and the Workforce Chairman Howard "Buck" McKeon (R-CA) suggested during the most recent Education Finance Council meeting held at mid-year that reauthorizations of the Higher Education Act (HEA) should be changed to an annual schedule of reviews instead of the current long-delayed assessment process.
The HEA has been subject to regularly scheduled reauthorizations that actually take multiple years to complete, and this has been going on since the original bill's enactment back in 1965. Introduced in 2004, the current proposed reauthorization is still on the table and more than likely will not be finalized during this current Senatorial session.
In an interesting analogy, McKeon made reference to the Armed Services Committee, which acts upon a defense bill authorization once every year. Financial aid representatives have not issued any specific official response to the comment; however there are some early grumblings in the financial aid community that an annual reauthorization process might create additional problems. One of their concerns, that an annual bill could wind up stacked in favor of special interest groups, businesses, and lobbyists. Annual legislative changes to the HEA in the past have been directed toward correcting legislative errors or making alterations due to budget concerns.
The reauthorization of the Higher Education Act is an extended multiyear process, beginning with the birth of a new idea to actual changes being ratified and implemented. By way of review, the Higher Education Act is the authorizing statute that establishes the purposes of any higher education programs, defines the types of students and institutions that are eligible to participate in these programs, outlines the procedures for institutions distributing the funds, and sets the annual limit on federal spending for each of the programs.
Like most federally funded education programs, the Higher Education Act receives limited-time authorization, and that expires after a fixed number of years. Programs must then be reauthorized in for them to continue and to remain eligible to receive additional funding.
Additionally, the majority of Higher Education Act programs are forward-funded; this means that funds appropriated for any given fiscal year are available to be spent at the beginning of the following academic year.
Article Title : Annual HEA Review Raised At Meeting
Comment not found for this article.
Share this story:
EdFed introduces… Awareness… Learnal
At, EdFed, we proudly introduce 'articles on student loans' and 'Learnal - the journal to learn from', our free newsletter on student loan management, which is sure to keep you informed of the latest events and happenings in the student loan market. To receive your copy of the above just use the RSS feed below and add this to your "My Yahoo", blogs, newstickers, and other similar channels accepting distributable content.
Click here to sign up for our Weekly Newswire now!
How EdFed Helped others!
The bottom line is EdFed saved me thousands of dollars on my federal student loans. I had already consolidated most of my federal loans through another company, and I thought I was done. I didn't realize I needed to do another consolidation until my Loan Specialist at EdFed explained my interest rates and their borrower benefits. I knew I
couldn't go wrong by choosing EdFed. Their payment incentives will save me over $30,000 on my federal student loans. Thank you EdFed.
- Mark W. San Antonio, TX
Student Loan Consolidation Info - How to Choose the Right Loan Company
The Career Resources column is presented by Granted, America's leading job search engine dedicated to getting people jobs.
Education is one of the most basic right of any human, but with the increase in prices and the costs involved in education this has made these rights turn into a privilege which very few can enjoy. Any normal person today in the whole of United States has to take an education loan at one point of time to pay for their education fees.