ERIC Number: ED410793
Record Type: Non-Journal
Publication Date: 1997-Jun
Reference Count: N/A
Fiscal Year 1998 Budget Reconciliation. A Report on Student Loan Cuts and Tax Proposals.
National Association of Student Financial Aid Administrators, Washington, DC.
This report summarizes provisions of the budget reconciliation bills moving through Congress relating to postsecondary education including student loans and tax proposals. The House and Senate postsecondary education and tax authorizing committees reported reconciliation bills in June, 1997. These bills carried out the terms of the 5-year balanced budget plan agreement by cutting the federal student loan programs by over $1.8 billion over 5 years and by providing new financial aid tax incentives. These changes are described in Part 1 of this document. Part 2 analyses the main tax proposals: the House Republican bill, the Senate Republican bill, and versions from House Democrats, Senate Democrats, and President Clinton. A chart highlights the main legislative provisions in each of the main tax alternatives. Specific descriptions are provided of proposed student loan cuts, the Hope Tax Credit (including student and institutional eligibility and definitions), the tax deduction/exclusion for postsecondary expenses provision, Section 127, the student loan interest deduction, use of Individual Retirement Accounts for educational purposes, cancellation of student loans, and miscellaneous provisions. (JLS)
Descriptors: Federal Legislation, Federal Programs, Fringe Benefits, Higher Education, Investment, Paying for College, Postsecondary Education, Student Financial Aid, Student Loan Programs, Tax Deductions, Taxes
National Association of Student Financial Aid Administrators, 1920 L St., N.W., Suite 200, Washington, DC 20036-5020; phone: 202-785-0453; fax: 202-785-1487.
Publication Type: Reports - Descriptive
Education Level: N/A
Authoring Institution: National Association of Student Financial Aid Administrators, Washington, DC.