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.