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 student lending related 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, which is August 14, 2008. 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 most requirements, the obligation to comply commences as of August 14, 2008. The Note addresses, in general terms, the major new reporting and disclosure requirements included in the Act related to student lending.
Source: NACUA 2008