On July 31, 2008, Congress passed the first full reauthorization of the Higher Education Act of 1965, as amended (P.L. 105-244), since 1998. After more than five years of consideration, Congress approved the Higher Education Opportunity Act (P.L. 110-315) (“HEOA” or the “Act”) on an overwhelmingly bipartisan basis. The President then signed the Act into law on August 14, 2008. The Act imposes a substantial number of new reporting and disclosure obligations on institutions that participate in Title IV federal student financial aid programs. Unless otherwise specified in the Act, those reporting and disclosure requirements are applicable as of the date of enactment. It is expected that the Secretary of Education (the “Secretary”) will provide guidance in the near future on compliance with some of the new requirements; nonetheless, for those requirements that are effective upon the date of enactment (August 14, 2008), the obligation to comply commences upon the date of enactment as well. The Note addresses, in general terms, the major new reporting and disclosure requirements included in the Act.
Source: NACUA 2008