Beginning 7/1/09 federal student loan borrowers can take advantage of the new Income Based Repayment (IBR) Option available to assist with repayment. Borrowers with high debt and lower income levels can benefi t from this option especially during these economic times. Borrowers also pursuing careers in public service can benefi t from this option.
Monthly payments [...]

HEOA section 480(j)(1) of the Higher Education Act was originally changed to exclude veterans education benefits  as an estimated financial aid resource effective 7/1/2010.   On 7/1/2009 President Obama signed H.R. 1777 making technical corrections to move the effective date to 7/1/2009 for the 2009-2010 award year.  Institutions may no longer consider any Federal veterans education [...]

Student bankruptcy is an ongoing problem for the multitude of student loan programs. To address this problem, Congress passed 11 U.S.C.Sec 523(a)(8) of the Bankrupcy Code. Sec. 523(a)(8) states:
(a) A discharge under section 727, 1141, 1228(a), 1228(b), or 1328(b) of this Title does not discharge an individual debtor from any debt…(8) for an educational benefit [...]

As each new academic year begins, it is important to review the legal obligations of the financial aid officer (FAO) regarding the administration of the Title IV and state funded financial aid programs. The following will address in general terms those duties and provide a context for the summaries of articles which will follow in [...]

In March of 2001, the Office of Student Financial Assistance (SFAP) of the U.S. Department of Education (DOE) issued a Final Audit Determination Letter (FADL) alleging that Armstrong Atlantic State University of Savannah, Georgia (the “College”) had violated the Title IV regulations by failing to calculate refunds for students who unofficially withdrew from the College. [...]

In May of 1987, a student attending Temple University borrowed $750.00 through the University’s Federal Perkins Loan/National Direct Student Loan Program. The debtor ceased attending Temple in June of 1988.
Under the terms of the Perkins Note, the debtor was required to begin quarterly repayment on the Note at 5% simple interest beginning in December, 1988. [...]