USA Funds Update

College Students, Parents May Reduce Taxes Based on College Expenses
USA Funds^® advises college students, former students and their parents that they may be able to reduce their federal income tax bills if they paid certain college expenses during 2007. Read more.

College Goal Sunday Assists Students With FAFSA
College Goal Sunday helps parents and college-bound students complete the Free Application for Federal Student Aid. USA Funds is providing support for the event in eight states and the District of Columbia in January and February. Learn more.

Washington Report

Final Federal Spending Bill Backs Off Earlier Student Aid Increases
A massive federal spending bill signed into law Dec. 26 by President Bush contains reduced funding levels for several major federal student aid programs, as compared with an appropriations bill originally approved by the U.S. Congress. Read more.

Operations Bulletin

Special Allowance Rates Announced for Quarter Ending Dec. 31, 2007
The U.S. Department of Education has published Special Allowance Rates for the quarter ending Dec. 31, 2007. You will need Adobe Reader to view and print the latest rates.

Department Extends HEROES Waivers Until 2012
The Department of Education has extended until Sept. 30, 2012, the waivers under the Higher Education Relief Opportunities for Students Act. Learn more.

December 2007 Integrated Common Manual Available
The December 2007 Integrated Common Manual is available on the USA Funds Web site. View and print the Integrated Common Manual, including the summary of changes approved Dec. 20 by the Common Manual Governing Board.

Department Clarifies ‘Not-for-Profit Lender’ Status in Dear Colleague Letter
The U.S. Department of Education released Dear Colleague Letter FP-07-12 on Dec. 28. The letter contains information about how the Department will determine if an organization is an eligible not-for-profit lender for special allowance payment purposes.