Student Loans

July 2007

BNA's Web Watch is prepared by Laura Gordon-Murnane. E-mail suggestions for future weekly topics always welcome.

Congresspedia
Student financial aid legislation

Federal Government
Pending Legislation
H.R.890 - Student Loan Sunshine Act
To establish requirements for lenders and institutions of higher education in order to protect students and other borrowers receiving educational loans.
Status
Status and Summary

Student Loan Sunshine Act
H.R. 2669 Higher Education Access Act of 2007
Status

S. 1642 A bill to extend the authorization of programs under the Higher Education Act of 1965, and for other purposes.
Status
Status and Summary

S. 1762 Higher Education Access Act of 2007
Status
Status and Summary

Congressional Hearings
House Education and Labor Committee
"Paying For a College Education: Barriers and Solutions for Students and Families”
Subcommittee on Higher Education, Lifelong Learning, and Competitiveness
Tuesday, May 01, 2007
Tuesday, May 01, 2007
Archived hearing webcast

Chairman Hinojosa's Opening Statement

Witness Testimony:
Dr. Dallas Martin – President- National Association of Financial Aid Administrators
Dr. Claude Pressnell - Vice-Chairperson  - Advisory Committee on Student Financial Aid
Luke Swarthout - Higher Education Advocate - U.S. Public Interest Research Group
James A. Boyle  - President - College Parents of America

House Education and Labor Committee
"Examining Unethical Practices in the Student Loan Industry" Wednesday, April 25, 2007
Archived hearing webcast
Chairman Miller's Opening Statement

Witness Testimony:
The Honorable Andrew M. Cuomo  - Attorney General - New York State Albany, New York

House Education and Labor Committee
Student Lender Paid College Officials, Miller Investigation Reveals
Chairman Miller Renews Call for Secretary to Take Emergency Actions to Reform Student Loan Industry Wednesday, May 9, 2007
Documents provided by JP Morgan Chase

Chairman Miller Requests Information From Student Lenders Regarding College Loan Practices
(March 29, 2007)

Subcommittee on Higher Education, Lifelong Learning, and Competitiveness
"The State of Higher Education: How Students Access and Finance a College Education" 
Thursday, March 8, 2007
Archived hearing webcast

Chairman Hinojosa's Opening Statement

Witness Testimony:
Mr. James Merisotis – President - Institute for Higher Education Policy Washington, DC 
Mr. David Breneman - Dean and Professor Curry School of Education Charlottesville, VA 
Mr. Ross Wiener - Vice President for Program and Policy - Education Trust - Washington, DC
Mr. Don Soifer  - Executive Vice President - Lexington Institute - Arlington, VA

Congressional Hearings
US Senate Committee on Banking, Housing, and Urban Affairs 6/6/07
Paying for College: The Role of Private Student Lending

Video Archive: view hearing  
Member Statements
Senator Christopher J. Dodd
Senator Robert P. Casey

Witness Testimony
Panel 1
Honorable Andrew Cuomo, Attorney General, State of New York

Panel 2
Mr. Barry Goulding, Senior Vice President, Sallie Mae
Ms. Tracy Grooms, Senior Vice President, Bank of America
Mr. Peter Tarr, General Counsel, First Marblehead Corporation
Mr. Sevester Bell, Director of Student Financial Aid, Howard University
Ms. Jennifer Pae, President, United States Student Association
Mr. Luke Swarthout, Higher Education Associate, US-PIRG
Mr. Jonathan Avidan, Consumer

Senate Committee HEALTH, EDUCATION, LABOR AND PENSIONS COMMITTEE
Report on Marketing Practices in the Federal Family Education Loan Program (June 14, 2007)

Executive Departments

Department of Education
Inspector General’s Office
Review of Financial Partners’ Monitoring and Oversight of Guaranty Agencies, Lenders, and Servicers FINAL AUDIT REPORT  ED-OIG/A04E0009 September 2006

Letter from Department of Education Secretary Margaret Spellings to Senator Edward Kennedy informing that the Department of Education would temporarily prohibit lenders from accessing the database while agency officials determined the extent of its “unauthorized usage.” (April 17, 2007)

Representative George Miller (D-CA) sent a letter to Education Secretary Margaret Spellings on Wednesday urging her to implement five student loan "emergency action items."

State Governments

New York Attorney General’s Office
Attorneys General Cuomo and McCollum Urge U.S. Senate To Protect Students From Deceptive College Loan Practices

Cuomo’s Code of Conduct

Multistate Letter to the Senate

Attorney General Cuomo Announces Agreements With Columbia University And The National Association Of Student Financial Aid Administrators
(May 31 2007)

Attorney General Andrew Cuomo Reveals Deceptive Practices In The College Loan Industry; Sends Letters To More Than 400 Colleges And Universities Cautioning Them Of Potential Conflicts Of Interest; Advises College-Bound Students To Protect Themselves (March 15, 2007)

Nongovernment Organizations

New America Foundation
Special Report: Student Loan Scandal

US PIRG
Higher Education Project