Education on Capitol Hill
By Rebecca Miller
Barack Obama has made it clear that by 2020 he wants America to have the world’s highest number of college graduates. To do so, Obama has proposed and released several pieces of legislation to spearhead his efforts to make America a leader in higher education.
As recently as last week, the Obama administration “proposed a broad set of rules and definitions to strengthen the federal student aid programs,” eGovmointor.com reported. The new rules, also known as a Notice of Proposed Rulemaking (NPRM), aim to protect students from wrongful recruiting practices, provide them with better information about Career College and training programs and ensure that only eligible students and programs receive funding.
Education Secretary Arne Duncan said NPRM addresses 14 specific issues that aim to ensure that students receive the education and training needed for meaningful and rewarding work, eGovmointor.com cited. NPRM proposes several regulations. Rules of particular interest include the following. NPRM regulations would extend federal student aid eligibility to high school diploma-less students after completion six college credits. Further regulations would require institutions to develop a “structured and consistent approach to evaluating a student's academic work,” eGovmointor.com reported. Another regulation would “reduce the amount of information students would have to provide to institutions” on paperwork like the Free Application for Federal Student Aid (FASFA). NPRM also enforces three current practices that aim to protect students and taxpayers including misrepresentation of degree programs and tuition payments, incentive compensation for recruiters and how states monitor and approve postsecondary programs. Additionally, NPRM seeks to define a credit hour, change retaking coursework requirements, clarify repayment and disbursement of federal funds and explain disclosures of gainful employment.
Other recently enacted education legislation includes The Income-Based Repayment program. The program, also known IBR, was released about a year ago and applies to the major types of student federal loans. According to studentaid.ed.gov, “under IBR, your required monthly payment is capped at an amount that is intended to be affordable based on your income and family size.” According to SunSentinel.com, IBR can cut graduates monthly payments by as much as half, and debt is forgiven after 25 years.
An oldie but goodie, The Public Service Loan Forgiveness program provides debt forgiveness on federal direct student loans for graduates who go into public service, reported the SunSentinel.com. Under the program, graduates who become social workers, educators, law enforcement and military professionals, non-profit agency workers and public defenders are only required to pay federal loans for up to 10 years.
As Obama continues his crusade to higher educate America, we can be certain the new and emerging legislation will come to fruition. For now, students looking to continue their education need to research existing laws and funding options thoroughly to ensure they receive the most beneficial higher education experience.
For more information on degree programs, colleges and universities and education legislation and funding options, visit UniversityDecisions.com.