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The Daily OrangeEducation act benefits students
By Hope Morley
Posted: 8/27/08, 1:19 AM EST Section: News
College students across the country may have a little extra cash in their pockets next year due to a bill signed Aug. 14 by President Bush.
The Higher Education Opportunity Act of 2008 makes federal loans more accessible, regulates textbook pricing and increases and creates new grant programs. Put into effect this month, the most immediate changes can be seen in how students shop for and take out private loans, while other sections of the act will be implemented over the next several years.
"The law overhauls our nation's higher education law and removes obstacles that make it harder for qualified students to go to college," said Melissa Salmanowitz, spokesperson for the House of Representatives.
The biggest changes found in the 1000-page law are in the area of loans, both federal and private. The new law simplifies the Free Application for Federal Student Aid (FAFSA) process, which is needed to apply for any form of federal aid.
Currently, students and their parents are required to fill out more than eight pages of questions. With this law, it will be shortened to two. This revised version of the form will not be available until August 2010.
"Too often applying to colleges and for financial aid becomes a barrier for low-income and first generation students," said Youlonda Copeland-Morgan, the new associate vice president for the Office of Financial Aid and Scholarship Programs at Syracuse University. "The focus overall to simplify the process is great for students."
Copeland-Morgan said 58 percent of undergraduate students at SU use some form of federal loans to pay their tuition. Her office always recommends federal loans over private companies because they provide better rates, benefits and repayment plans for students.
The first of the changes - put into effect Aug. 14 - requires private lenders to be more transparent in their lending practices. They are now required to provide simple and complete information for borrowing and repayment options.
The Higher Education Opportunity Act of 2008 makes federal loans more accessible, regulates textbook pricing and increases and creates new grant programs. Put into effect this month, the most immediate changes can be seen in how students shop for and take out private loans, while other sections of the act will be implemented over the next several years.
"The law overhauls our nation's higher education law and removes obstacles that make it harder for qualified students to go to college," said Melissa Salmanowitz, spokesperson for the House of Representatives.
The biggest changes found in the 1000-page law are in the area of loans, both federal and private. The new law simplifies the Free Application for Federal Student Aid (FAFSA) process, which is needed to apply for any form of federal aid.
Currently, students and their parents are required to fill out more than eight pages of questions. With this law, it will be shortened to two. This revised version of the form will not be available until August 2010.
"Too often applying to colleges and for financial aid becomes a barrier for low-income and first generation students," said Youlonda Copeland-Morgan, the new associate vice president for the Office of Financial Aid and Scholarship Programs at Syracuse University. "The focus overall to simplify the process is great for students."
Copeland-Morgan said 58 percent of undergraduate students at SU use some form of federal loans to pay their tuition. Her office always recommends federal loans over private companies because they provide better rates, benefits and repayment plans for students.
The first of the changes - put into effect Aug. 14 - requires private lenders to be more transparent in their lending practices. They are now required to provide simple and complete information for borrowing and repayment options.
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