The Ensuring Continued Access to Student Loans Act

This is a Non Profit Project. We don't collect personal data and we don't use cookies.

Contents

• Ensuring Continued Access to Student Loans Act of 2008
  • Ensuring Continued Access to Student Loans Act of 2008
  • Act Details
    • Sponsor
    • Act Overview
    • Text of the Ensuring Continued Access to Student Loans Act of 2008
    • Bill Notes
  • Analysis
  • Further Reading

Ensuring Continued Access to Student Loans Act of 2008

Ensuring Continued Access to Student Loans Act of 2008

Act Details

Ensuring Continued Access to Student Loans Act of 2008 was a proposal (now, a piece of legislation) introduced on 2008-04-08 in the House of Commons and Senate respectively of the 110 United States Congress by George Miller in relation with: Administrative procedure, Business ethics, Citizenship, Collection of accounts, College costs, Commerce, Conflict of interests, Congress, Congressional investigations, Congressional reporting requirements, Debtor and creditor, Department of Education, Department of the Treasury, Economics and public finance, Education, Families, Federally-guaranteed loans, Finance and financial sector, Foreign students, Government operations and politics, Graduate education, Higher education, Housing and community development, Immigration, Law, Mortgages, Office of Management and Budget, Parents, Student loan funds.

Ensuring Continued Access to Student Loans Act of 2008 became law (1) in the United States on 2008-05-07. It was referred to the following Committee(s): (2)

House Education and Labor (HSED)

George Miller, Democrat, Representative from California, district 7

The proposal had the following cosponsors:

Jason Altmire, Democrat, Representative, from Pennsylvania, district 4
Timothy Bishop, Representative, from New York, district 1
Yvette Diane Clarke, Democrat, Representative, from New York, district 11
Joe Courtney, Democrat, Representative, from Connecticut, district 2
Danny K. Davis, Democrat, Representative, from Illinois, district 7
David Davis, Republican, Representative, from Tennessee, district 1
Keith Ellison, Democrat, Representative, from Minnesota, district 5
Luis Fortuno, Representative
Raul Grijalva, Representative, from Arizona, district 7
Phil Hare, Democrat, Representative, from Illinois, district 17
Ruben Hinojosa, Representative, from Texas, district 15
Mazie Hirono, Democrat, Senator, from Hawaii, district 2
Rush Holt, Democrat, Representative, from New Jersey, district 12
Eddie Bernice Johnson, Democrat, Representative, from Texas, district 30
Richard (ric) Keller, Republican, Representative, from Florida, district 8
Patrick Kennedy, Representative, from Rhode Island, district 1
Dale Kildee, Representative, from Michigan, district 5
Dennis Kucinich, Representative, from Ohio, district 10
John R. Lewis, Democrat, Representative, from Georgia, district 5
David Loebsack, Representative, from Iowa, district 2
Carolyn Mccarthy, Democrat, Representative, from New York, district 4
Howard P. (buck) Mckeon, Republican, Representative, from California, district 25
John Olver, Representative, from Massachusetts, district 1
Donald Payne, Representative, from New Jersey, district 10
Linda Sanchez, Representative, from California, district 39
John Sarbanes, Democrat, Representative, from Maryland, district 3
Robert C. Scott, Democrat, Representative, from Virginia, district 3
Joe Sestak, Representative, from Pennsylvania, district 7
Carol Shea-porter, Democrat, Representative, from New Hampshire, district 1
Bennie Thompson, Democrat, Representative, from Mississippi, district 2
Lynn Woolsey, Representative, from California, district 6
David Wu, Representative, from Oregon, district 1

Act Overview

• Number: 5715 (3)
• Official Title as Introduced: To ensure continued availability of access to the Federal student loan program for students and families (4)
• Short Title: Ensuring Continued Access to Student Loans Act of 2008
• Date First Introduced: 2008-04-08
• Sponsor Name: David Wu
• Assignment Process: See Committe Assignments (5)
• Latest Major Activity/Action: Enacted
• Date Enacted (signed, in general (6), by President): 2008-05-07
• Type: hr (7)
• Main Topic: Education
• Related Bills: (8)

  hres1107-110, Reason: rule, Type: bill
  hres1167-110, Reason: related, Type: bill
  hr6889-110, Reason: related, Type: bill
  s2815-110, Reason: related, Type: bill

• Summary of Ensuring Continued Access to Student Loans Act of 2008: Govtrack. Authored by the Congressional Research Service (CRS) of the Library of Congress.
• Primary Source: Congress Website

Text of the Ensuring Continued Access to Student Loans Act of 2008

Ensuring Continued Access to Student Loans Act of 2008 – (Sec. 2) Amends the Higher Education Act of 1965 to increase by $2000 the maximum annual unsubsidized Stafford loan amounts that may be provided to undergraduate students under the Federal Family Education Loan (FFEL) program. Sets the aggregate limit on such loans at $31000 for dependent undergraduates and $57500 for independent undergraduates.

(Sec. 3) Gives parent borrowers of PLUS FFELs the option to defer loan principal repayment for up to six months after the students for whom such loans are borrowed cease to carry at least one-half the normal full-time academic workload.

(Sec. 4) Authorizes lenders to determine that borrowers of PLUS FFELs who between January 1 2007 and December 31 2009 are no more than 180 days delinquent on their home mortgages and no more than 89 days delinquent on the repayment of any other debt meet a specified extenuating circumstances requirement which makes them eligible for such loans despite having an adverse credit history.

(Sec. 5) Includes parent borrowers in the FFEL lender-of-last-resort program for borrowers otherwise unable to obtain such loans.

Prohibits loans made under the FFEL lender-of-last-resort program from having more favorable terms than other FFELs of the same type.

Allows institutions of higher education (IHEs) with the Secretary of Education's approval to participate in such program until June 30 2009; thereby requiring guaranty agencies serving as lenders-of-last-resort to make FFELs to student and parent borrowers of such IHEs until such date regardless of their ability to otherwise obtain such loans.

Allows the Secretary to develop any standards regarding IHE participation in such program that the Secretary considers appropriate including requirements that IHEs demonstrate: (1) their inability despite due diligence to secure eligible lenders' commitment to make loans to a significant number of their students; and (2) that a minimum number or percentage of their students have received rejections from eligible FFEL lenders.

Authorizes the Secretary to advance needed funds to guaranty agencies acting as lenders-of-last-resort in such situations.

Prohibits lenders-of-last-resort from: (1) offering certain inducements to schools school employees prospective borrowers or other lenders; or (2) marketing loans under the lender-of-last-resort program.

Requires the Secretary to provide information to the public and issue reports to Congress regarding such program.

Directs the Secretary within 90 days of this Act's enactment to review and if necessary revise regulations concerning prohibited guaranty agency inducements to eligible lenders to ensure that such agencies do not engage in improper inducements made possible by this Act's expansion of their role as lenders-of-last-resort. Requires the Secretary to report to Congress.

(Sec. 6) Authorizes and appropriates sums necessary for advances to guaranty agencies acting as lenders-of-last-resort.

(Sec. 7) Gives the Secretary the authority until July 2009 to purchase or enter into forward commitments to purchase FFELs from lenders upon the determination that there is an inadequate availability of loan capital to meet the demand for such loans. Prohibits such loan purchases from resulting in any net cost to the federal government.

Requires the Secretary the Secretary of the Treasury and the Director of the Office of Management and Budget before any loan purchase is made to publish a joint notice in the Federal Register that: (1) establishes the terms governing such purchase; and (2) outlines the methodology and factors they will consider in setting a price for such loans that is in the best interest of the country and will result in no net cost to the federal government.

Conditions the purchase of such loans on lenders agreeing to use the funds from such purchases to ensure their continued participation in the FFEL program and origination of new FFELs.

Allows the Secretary to contract with the lenders whose loans are being purchased for the servicing of such loans provided such arrangement is in the best interest of borrowers and does not result in costs the federal government would otherwise not incur in servicing such loans.

(Sec. 8) Expresses the sense of Congress that the federal financial institutions should consider using available authorities in a timely manner if needed to enhance student and family access to federal student loans in a manner that results in no increased costs to taxpayers and in no way delays or limits the Secretary's authority to advance funds to lenders-of-last-resort or purchase FFELs.

(Sec. 9) Directs the Comptroller General to conduct a five-year study and report to Congress on the effect increases in FFEL loan limits under this Act and the Deficit Reduction Act of 2005 have on the cost of attending college and the use of private educational loans.

(Sec. 10) Revises the Academic Competitiveness Grant program to make noncitizen students and students enrolled or accepted for enrollment at an IHE on at least a half-time basis eligible for program grants. (Currently only U.S. citizens and full-time students may participate.) Reduces the amount of a program grant available to a less than full-time student in the same manner in which Pell Grants are reduced.

Relaxes eligibility requirements for the Academic Competitiveness Grants available to Pell Grant-eligible first and second year students to: (1) allow recipients to participate in IHE programs that award a certificate rather than a degree; (2) include students whose secondary education involved private or home schooling; and (3) include students whose previous IHE enrollment was part of their secondary school studies.

Revises eligibility requirements for the SMART Grants available to Pell Grant-eligible third and fourth year students pursuing majors in science mathematics technology engineering or a critical foreign language. Includes students who attend IHEs that do not allow students to declare a major if their studies in such subjects are equivalent to those required at schools that permit students to major in such subjects. Includes also any students in the fifth year of an IHE program that requires five full years of coursework for baccalaureate degrees in such subjects. Sets the maximum SMART grant amount at $4000 for each year of a student's eligibility.

(Sec. 11) Makes inapplicable to amendments made by this Act certain rulemaking requirements and the master calendar of actions the Secretary must take regarding student aid.

Bill Notes

• [Note 1] An Act (like Ensuring Continued Access to Student Loans Act of 2008) or a resolution cannot become a law in the United States until it has been approved (passed) in identical form by both the House of Representatives and the Senate, as well as signed by the President (but see (5)). If the two bodys of the Congress versions of a bill are not identical, one of the bodies might decide to take a further vote to adopt the bill (see more about the Congress process here). An Act may be pass in identical form with or without amendments and with or without conference. (see more about Enrollment).
• [Note 2] Proposals are referred to committees for preliminary consideration, then debated, amended, and passed (or rejected) by the full House or Senate. To prevent endless shuttling of bills between the House and Senate, bills like Ensuring Continued Access to Student Loans Act of 2008 are referred to joint committees made up of members of both houses.
• [Note 3] For more information regarding this legislative proposal, go to THOMAS, select "Bill Number," search on (Ensuring Continued Access to Student Loans Act of 2008)
• [Note 4] To ensure continued availability of access to the Federal student loan program for students and families. The current official title of a bill is always present, assigned at introduction (for example, in this case, on 2008-04-08) and can be revised any time. This type of titles are sentences.
• [Note 5] The Act is referred to the appropriate committee by the Speaker of any of the two Houses. Bills are placed on the calendar of the committee to which they have been assigned. See Assignment Process.
• [Note 6] Regarding exceptions to President´s approval, a bill that is not signed (returned unsigned) by the President can still become law if at lest two thirds of each of the two bodys of the Congress votes to pass it, which is an infrequent case. See also Presidential Veto.
• [Note 7] Legislative Proposal types can be: hr, hres, hjres, hconres, s, sres, sjres, sconres. An Act originating in the Senate is designated by the letter "S", and a bill originating from the House of Representatives begins with "H.R.", followed, in both cases, by its individual number which it retains throughout all its parliamentary process.
• [Note 8] For information regarding related bill/s to Ensuring Continued Access to Student Loans Act of 2008, go to THOMAS.

Analysis

No analysis (criticism, advocacy, etc.) about Ensuring Continued Access to Student Loans Act of 2008 submitted yet.

Administrative procedure
Business ethics
Citizenship
Collection of accounts
College costs
Commerce
Conflict of interests
Congress
Congressional investigations
Congressional reporting requirements
Debtor and creditor
Department of Education
Department of the Treasury
Economics and public finance
Education
Families
Federally-guaranteed loans
Finance and financial sector
Foreign students
Government operations and politics
Graduate education
Higher education
Housing and community development
Immigration
Law
Mortgages
Office of Management and Budget
Parents
Student loan funds

Further Reading

• "How our laws are made", Edward F Willett; Jack Brooks, Washington, U.S. G.P.O.
• "To make all laws : the Congress of the United States, 1789-1989", James H Hutson- Washington, Library of Congress.
• "Bills introduced and laws enacted: selected legislative statistics, 1947-1990", Rozanne M Barry; Library of Congress. Congressional Research Service.

Learning is Our Passion

This entry about Ensuring Continued Access to Student Loans Act of 2008 has been published under the terms of the Creative Commons Attribution 3.0 (CC BY 3.0) licence, which permits unrestricted use and reproduction, provided the author or authors of the Ensuring Continued Access to Student Loans Act of 2008 entry and the Lawi platform are in each case credited as the source of the Ensuring Continued Access to Student Loans Act of 2008 entry. Please note this CC BY licence applies to some textual content of Ensuring Continued Access to Student Loans Act of 2008, and that some images and other textual or non-textual elements may be covered by special copyright arrangements. For guidance on citing Ensuring Continued Access to Student Loans Act of 2008 (giving attribution as required by the CC BY licence), please see below our recommendation of "Cite this Entry".

Cite this entry

Legal Citations Generator

• APA
• MLA
• MLA 7
• CHICAGO
• OSCOLA

(2014, 10). Ensuring Continued Access to Student Loans Act of 2008 legislation.lawi.us Retrieved 10, 2022, from https://legislation.lawi.us/ensuring-ontinued-access-to-student-loans-act-of-2008/

10 2014. 10 2022 <https://legislation.lawi.us/ensuring-ontinued-access-to-student-loans-act-of-2008/>

"Ensuring Continued Access to Student Loans Act of 2008" legislation.lawi.us. legislation.lawi.us, 10 2014. Web. 10 2022. <https://legislation.lawi.us/ensuring-ontinued-access-to-student-loans-act-of-2008/>

"Ensuring Continued Access to Student Loans Act of 2008" legislation.lawi.us. 10, 2014. Accesed 10 2022. https://legislation.lawi.us/ensuring-ontinued-access-to-student-loans-act-of-2008/

E. Steele, 'Ensuring Continued Access to Student Loans Act of 2008' (legislation.lawi.us 2014) <https://legislation.lawi.us/ensuring-ontinued-access-to-student-loans-act-of-2008/> accesed 2022 October 16

Usage Metrics

71 Views. 56 Visitors.

Google Scholar: Search for Ensuring Continued Access to Student Loans Act of 2008 Related Content

Schema Summary

• Article Name: Ensuring Continued Access to Student Loans Act of 2008
• Author: E. Steele
• Description: Ensuring Continued Access to Student Loans Act of 2008< h1>Ensuring Continued Access to Student Loans Act of 2008< h2>Act [...]

This entry was last updated: October 1, 2014

Business ethics

• To increase the amount authorized to be appropriated for the north side pumping division of the Minidoka reclamation project, Idaho
• Across-the-Board Rescissions (Spending Cuts) FY2000 Appropriations Act
• To designate the United States post office located at 14071 Peyton Drive in Chino Hills, California, as the "Joseph Ileto Post Office"
• Oceans Act of 2000
• Microenterprise for Self-Reliance and International Anti-Corruption Act of 2000
• Disaster Relief Act
• Accounting Industry Reform Act

Collection of accounts

• Human Trafficking
• Authorization Act FY2006, Coast Guard
• Appropriations Act FY2007, Homeland Security
• Emergency Supplemental Appropriations Act for Defense the Global War on Terror and Hurricane Recovery 2006
• Gulf Opportunity Zone Act of 2005
• Tax Reconciliation Act
• Appropriations Act FY2006, Commerce, Justice, Science, State

College costs

• Tax Reconciliation Act
• Appropriations Act FY2006, Transportation, Treasury, HUD, Judiciary, District of Columbia, and Independent Agencies
• To extend the waiver authority of the Secretary of Education with respect to student financial assistance during a war or other military operation or national emergency
• Immigrant Security Standards Act
• District of Columbia College Access Act of 1999
• District of Columbia Appropriations Act 2001
• Legal Immigration Family Equity Act

Recent Comments

mendozabillostrand.blogspot.com

Source: https://legislation.lawi.us/ensuring-ontinued-access-to-student-loans-act-of-2008/

Share this post