July 29, 2008 – 1:56 p.m.
The first major overhaul in a decade of the law governing federal aid to higher education is moving toward a final vote in Congress.
The Senate formally appointed conferees on the legislation Tuesday, and a formal meeting of conferees was set for 7:15 p.m.
A conference agreement could be on the House floor by Wednesday or Thursday, with the Senate likely to clear the bill by week’s end.
“Completing this bill is a major victory for America’s students and their families,” said Sen.
“After over four years of negotiations, Republicans and Democrats in the House and Senate have reached agreement on a number of key measures to help American students,” Enzi said. “I hope that we can reach a final agreement at tonight’s conference committee meeting, then bring the bill to the House and Senate for passage this week, so we can send this critical legislation to the President for his signature. Four years is long enough – the time to act is now.”
The final bill would expand the amount of information that schools and lenders must make available to the public annually, including up-front disclosure of loan rates and terms and data on total school costs. It also would require colleges and universities to draft codes of conduct governing relationships with lenders and bar lenders from giving schools financial aid funds or any other perquisites to get on a preferred lender list.
It would authorize year-round Pell grants for low-income students and would require greater disclosure of textbook costs.