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National
Key Vote
Student Loan Lender Subsidy Cuts and Student Grants
Project Vote Smart's Synopsis:
Vote to pass a bill that makes changes to regulations and funding of federal student financial aid.
NOTE: THIS IS A SUBSTITUTED BILL, MEANING THE LANGUAGE OF THE ORIGINAL BILL HAS BEEN REPLACED.
Official Title of Legislation:
HR 2669: To provide for reconciliation pursuant to section 601 of the concurrent resolution on the budget for fiscal year 2008.
Highlights:
-Repeals existing tuition sensitivity provisions, which limit Pell Grant awards for students attending lower-cost schools [Title I (sec. 101)].
-Appropriates $32.9 billion from fiscal year 2008 through fiscal year 2017 for PROMISE grants to low-income and high-need students that are eligible for federal Pell Grants [Title I (sec. 102)].
-Increases authorized deferments for federally insured student loans, interest subsidies, direct loans, and Perkins loans from three years to six years of economic hardship [Title II (sec. 201)].
-Limits monthly payments on loans to 15 percent of discretionary income [Title II (sec. 203 [c (2 [c])].
-Reduces the percentage of student loans guaranteed by the federal student loan insurance program from 98 percent to 97 percent [Title III (sec. 301)].
-Decreases the loan guaranty agency collection fee from 23 percent to 16 percent of funds collected from loan defaults beginning October 1, 2007 [Title III (sec. 302)].
-Eliminates the "exceptional performer" status for lenders, which entitles them to 100 percent payment of unpaid principles and interests from guaranty agencies [Title III (sec. 303)].
-Increases the loan origination fee from 0.5 percent to 1 percent of principal on loans made after October 1, 2007 [Title III (sec. 305 [b])].
-Releases public servants with incomes of less than $65,000 a year from federal student loan obligations after ten years of repayment [Title IV (sec. 401)].
-Raises the income protection allowance to $6,000 for dependent students and $14,960 for independent students without dependents by 2013. Adopts a table detailing allowances for independent students with dependents through 2013 [Title VI (sec. 601)].
-Increases the maximum income required to automatically attain a zero expected family contribution from $20,000 to $30,000 a year [Title VI (sec. 602)].
-Creates a biennial competitive auction process by which eligible lenders submit bids for the right to originate and disburse federal PLUS loans [Title VII (sec. 701)].
-Makes it unlawful to carry out a death sentence on a pregnant woman [Title VII (sec. 702)].
-Expresses the sense of the Senate that the detainees at Guantanamo Bay should not be released into American society or transferred into American facilities [Title VIII (sec. 801)].
Link to Legislation: http://thomas.loc.gov/cgi-bin/query/z?c110:hr2669:
House Passage: 07/11/2007 : Bill Passed: 273 - 149 (Roll no. 613)
NOTE: THIS IS A SUBSTITUTED BILL, MEANING THE LANGUAGE OF THE ORIGINAL BILL HAS BEEN REPLACED. Senate Passage With Amendment: 07/20/2007 : Bill Passed 78 - 18 (Record Vote Number 272)
NOTE: THIS IS A SUBSTITUTED BILL, MEANING THE LANGUAGE OF THE ORIGINAL BILL HAS BEEN REPLACED. House Conference Report Vote: 09/07/2007 : Conference Report Adopted: 292 - 97 (Roll no. 864) Senate Conference Report Vote: 09/07/2007 : Conference Report Adopted: 79 - 12 (Record Vote Number 326) President Passage: 09/27/2007 : Signed Became Public Law Number 110-084
Sponsor: Rep. Miller, George (D-CA)
Cosponsors: Rep. Bishop, Timothy (D-NY)
Rep. Carson, Julia (D-IN) (out of office)
Rep. Clarke, Yvette (D-NY)
Rep. Davis, Danny (D-IL)
Rep. Davis, Susan (D-CA)
Rep. DeLauro, Rosa (D-CT)
Rep. Ellison, Keith (D-MN)
Rep. Engel, Eliot (D-NY)
Rep. Eshoo, Anna (D-CA)
Rep. Hare, Phil (D-IL)
Rep. Hinojosa, Rubén Sr. (D-TX)
| Rep. Hirono, Mazie (D-HI)
Rep. Kildee, Dale (D-MI)
Rep. Kilpatrick, Carolyn (D-MI)
Rep. Kucinich, Dennis (D-OH)
Rep. Lewis, John (D-GA)
Rep. Lofgren, Zoe (D-CA)
Rep. Maloney, Carolyn (D-NY)
Rep. Matsui, Doris (D-CA)
Rep. McCollum, Betty (D-MN)
Rep. Price, David (D-NC)
Rep. Sarbanes, John (D-MD)
| Rep. Schakowsky, Janice (D-IL)
Rep. Scott, Robert (D-VA)
Rep. Shea-Porter, Carol (D-NH)
Rep. Stark, Fortney (D-CA)
Rep. Tierney, John (D-MA)
Rep. Van Hollen, Christopher Jr. (D-MD)
Rep. Woolsey, Lynn (D-CA)
Rep. Wu, David (D-OR)
Rep. Yarmuth, John (D-KY)
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PVS provides summaries for each version of the bill selected as a key vote. The summary does not necessarily reflect the final version of the bill. For further status information, call the Voter's Research Hotline at 1-888-VOTE-SMART (1-888-868-3762).
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