HR 1010 110th 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 Graduate education Higher education Scholarships Social Welfare Student loan funds

Student Aid Reward Act of 2007

Introduced: February 13, 2007 See on congress.gov

Everywhere this bill has been 4 steps

Introduced

In committee

Reported out

Passed House

Passed Senate

To President

Became law

Jun 5, 2007

Referred to the Subcommittee on Higher Education, Lifelong Learning, and Competitiveness.

Feb 13, 2007

Referred to the House Committee on Education and Labor.

Feb 13, 2007

Sponsor introductory remarks on measure. (CR E339-340)

Feb 13, 2007

Introduced in House

Plain-English summary Congressional Research Service

Student Aid Reward Act of 2007 - Amends title IV (Student Assistance) of the Higher Education Act of 1965 to direct the Secretary of Education to carry out a Student Aid Reward (SAR) Program of payments to encourage institutions of higher education (IHEs) 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% 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 student 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 June 5, 2007

Referred to the Subcommittee on Higher Education, Lifelong Learning, and Competitiveness.

Committees of jurisdiction 2