ERIC Number: ED357696
Record Type: Non-Journal
Publication Date: 1993-Apr
Reference Count: N/A
Student Loan Program Simplification Symposium. Briefing Document.
Advisory Committee on Student Financial Assistance, Washington, DC.
This paper offers proposals for streamlining and simplifying the federal student loan programs in light of legislative and budgetary changes in progress during the early part of the Clinton Administration. The recommendations are based on 35 proposals submitted by institutions, associations, guaranty agencies, secondary markets, lenders, and loan servicing organizations. Student and institutional imperatives were developed and for each of those organizational categories and participant, program features, and delivery issues are identified. The common themes between the student and institutional imperatives led to the following program-wide imperatives for an efficient loan program: (1) there should be one student loan program (with a single set of terms and conditions) from which a majority of undergraduates receive funding; (2) all loans should be guaranteed and held by one entity and all of an institution's student loans should be guaranteed and serviced through one guarantor and lender; (3) all borrowers should be offered the option of refinancing existing loans to obtain a single variable interest rate; (4) merged deferment terms, and income-contingent/Internal Revenue Service repayment options must be made available at the request of the borrower; (5) the loan program must be fully integrated into the existing Title IV delivery system using a single application instrument; and (6) a Title IV data base with sufficient monitoring and delivery capability must be developed. (JB)
Publication Type: Opinion Papers; Information Analyses
Education Level: N/A
Authoring Institution: Advisory Committee on Student Financial Assistance, Washington, DC.
Identifiers - Laws, Policies, & Programs: Higher Education Act Title IV