USA Funds® Education Access Report will not be published on Dec. 25 and Jan. 1, due to the holiday season. Publication will resume on Jan. 8, 2008. We look forward to providing you the latest updates about education-access and higher-education-finance issues in 2008.
Tech Talk
USA Funds Selects SimpleTuition to Provide Student-Loan-Comparison Tools
USA Funds is partnering with the provider of the leading online student-loan comparison tool to help students choose the most-affordable college-financing options and help their schools comply with new rules governing preferred-lender lists. Read more.
USA Funds Update
USA Funds Offers Lenders Guidance for Participating in Federal-Default-Fee Buydown
USA Funds has announced that, effective Feb. 1, 2008, it will subsidize from its nonfederal resources one-half of the 1-percent federal default fee for Stafford- and Grad PLUS-loan borrowers at selected schools, when the originating lender buys down the other half of the fee. Representatives of education lenders can review the steps they need to take to participate in USA Funds’ federal-default-fee buydown. Lenders must act by Jan. 3 for their fee buydown to take effect Feb. 1.
USA Funds Helps UNCF Raise More Than $455,300
USA Funds served as presenting sponsor of the fifth-annual regional “An Evening of Stars” gala for the United Negro College Fund. Carl Dalstrom, USA Funds president and CEO, was corporate chairman of the event, which raised $455,300 to support UNCF-member colleges and universities across the United States. Learn more.
Latest ‘USA Funds Education Partnerships’ Newsletter Available
USA Funds has issued the latest edition of a quarterly newsletter highlighting USA Funds’ support of programs that enhance preparation for, access to and success in higher education. “USA Funds Education Partnerships” focuses on USA Funds’ key access-and-outreach initiatives for 2007, employee activities in support of local charities, and a conference examining education in Arizona. Download a copy of the newsletter using Adobe Reader.
Washington Report
New ED Figures Project FFELP Loans Less Expensive Than Direct Loans
New budget and loan-volume projections from the U.S. Department of Education indicate that loans issued under the Federal Family Education Loan Program will cost the federal government less than loans issued under the William D. Ford Direct Loan Program. Learn more.
Congress Approves Technical Amendments to College Cost Reduction and Access Act
The U.S. Congress has approved legislation to make technical modifications to the College Cost Reduction and Access Act. The technical amendments clarify items that are excluded from the definition of untaxed income and benefits in the need-analysis formula; ensure that borrowers who are married but file federal income-tax returns separately have their payments under the new income-based-repayment option calculated based on the borrower’s debt and income information, not their spouse’s information; and make technical modifications to the new TEACH-Grant program.
Operations Bulletin
USA Funds Updates Summary of College Cost Reduction and Access Act
USA Funds’ policy advisers have updated a table of key student-loan provisions in the College Cost Reduction and Access Act to reflect new regulations issued
Nov. 1. Download the table.
Expiration Date Extended on Teacher-Loan-Forgiveness Forms
The U.S. Department of Education advises that the expiration date on the current teacher-loan-forgiveness application and teacher-loan-forgiveness forbearance form now is Feb. 29, 2008. The previous expiration date, noted on the forms, is Nov. 30, 2007, but the federal Office of Management and Budget indicates that the current forms remain valid as it works to approve the revised forms.