S.2815 - Strengthening Student Aid for All Act

A bill to amend the Higher Education Act of 1965 in order to increase unsubsidized Stafford loan limits for undergraduate students, provide for a secondary market for FFEL loans, allow for the in-school deferment of PLUS loans, augment the maximum Federal Pell Grant for the lowest income students, and expand the number of students eligible to obtain loans under the lender-of-last-resort program, and for other purposes. view all titles (2)

All Bill Titles

  • Short: Strengthening Student Aid for All Act as introduced.
  • Official: A bill to amend the Higher Education Act of 1965 in order to increase unsubsidized Stafford loan limits for undergraduate students, provide for a secondary market for FFEL loans, allow for the in-school deferment of PLUS loans, augment the maximum Federal Pell Grant for the lowest income students, and expand the number of students eligible to obtain loans under the lender-of-last-resort program, and for other purposes. as introduced.

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Introduced
 
Senate
Passes
 
House
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President
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04/03/08
 
 
 
 
 
 
 

Official Summary

Strengthening Student Aid for All Act - Amends the Higher Education Act of 1965 to increase the maximum annual and aggregate unsubsidized Stafford loan amounts that may be provided to undergraduate students under the Federal Family Education Loan (FFEL) program. Allows parents of dependent

Official Summary

Strengthening Student Aid for All Act - Amends the Higher Education Act of 1965 to increase the maximum annual and aggregate unsubsidized Stafford loan amounts that may be provided to undergraduate students under the Federal Family Education Loan (FFEL) program. Allows parents of dependent students to defer PLUS FFEL principal repayment until such students cease to be enrolled as undergraduates on at least a half-time basis. Directs the Secretary of Education to act as the secondary market of last resort for FFELs, until July 2009, by purchasing such loans from lenders who cannot sell them in the private financial markets and thereby raise the capital needed to make new loans. Permits the Secretary to act in such capacity after such date if economic conditions threaten timely, uninterrupted access to student loans. Changes title IV need analyses by allowing the calculation of a negative expected family contribution. Increases the Pell Grant available to students whose expected family contribution is a negative number. Allows institutions of higher education (IHEs) to participate in the FFEL lender-of-last-resort program, thereby requiring guaranty agencies serving as lenders of last resort to make FFELs to students of such IHEs regardless of their ability to otherwise obtain such loans. Authorizes the Secretary to advance needed funds to guaranty agencies acting as lenders of last resort in such situations.

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