HR 1425 109th Congress House Education College administration Cost control Cost effectiveness Economics and Public Finance Education of the disadvantaged Federal aid to education Federally-guaranteed loans Finance and Financial Sector Government lending Higher education Scholarships Social Welfare Student loan funds

Student Aid Reward Act of 2005

Introduced: March 17, 2005 See on congress.gov

Everywhere this bill has been 3 steps

Introduced

In committee

Reported out

Passed House

Passed Senate

To President

Became law

Apr 18, 2005

Referred to the Subcommittee on 21st Century Competitiveness.

Mar 17, 2005

Referred to the House Committee on Education and the Workforce.

Mar 17, 2005

Introduced in House

Plain-English summary Congressional Research Service

Student Aid Reward Act of 2005 - Amends the Higher Education Act of 1965 (HEA) title IV (Student Assistance) to direct the Secretary of Education to carry out a Student Aid Reward (SAR) Program of payments to institutions of higher education (IHEs) to encourage them to participate in the student loan program under title IV that is most cost-effective for taxpayers.

Requires that a SAR payment to an IHE equal at least 50 percent of the savings to the Federal Government generated by the IHE's participation in the most cost-effective student loan program, rather than one not cost-effective for taxpayers.

Requires IHEs receiving SAR payments to: (1) provide student loans under that most cost-effective program for five years after the payment date; and (2) use payment funds, where appropriate, to supplement students Pell Grants. Allows such funds to be used also to award need-based grants to lower and middle income graduate students.

What's happening now April 18, 2005

Referred to the Subcommittee on 21st Century Competitiveness.

Committees of jurisdiction 2