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ERIC Number: ED569696
Record Type: Non-Journal
Publication Date: 2016-Aug
Pages: 11
Abstractor: ERIC
Reference Count: N/A
ISBN: N/A
ISSN: N/A
Examining "One Grant, One Loan." NASFAA Task Force Report
National Association of Student Financial Aid Administrators
Growing concern over the complexity of the federal financial aid system and a push toward simplification has led to increased attention toward streamlining the federal student aid programs. Specifically, several proposals and policy papers have recommended consolidating the federal aid programs into one grant program and one loan program, commonly referred to as "one grant, one loan." In some cases these proposals include the addition of one work-study program. With that in mind, the National Association of Student Financial Aid Administrators (NASFAA) convened a task force of financial aid professionals to examine the concept of "one grant, one loan" in October 2015. The task forced developed several considerations of a "one grant, one loan" system for policymakers, including the following, among others fully outlined in the report: (1) Will federal program consolidation truly make the financial aid process simpler for students and families, given the existence of other sources of financial aid?; (2) Will the Federal Work-Study (FWS) Program survive simplification efforts?; (3) What would happen to the other Title IV grant programs and their federal funding?; (4) Would some students be awarded less funding under a one grant model than under the current model?; (5) Would there be a federal commitment to make up for that net loss in grant dollars?; (6) Will more borrowers be pushed into the private loan market?; and (7) How will interest rates fare in a "one loan" system? In addition, the task force identified several recommendations for policymakers in the event that education leaders reached a consensus on moving forward with a "one grant, one loan" system.
National Association of Student Financial Aid Administrators. 1101 Connecticut Avenue NW Suite 1100, Washington, DC 20036. Tel: 202-785-0453; Fax: 202-785-1487; e-mail: membership@NASFAA.org; Web site: http://www.nasfaa.org
Publication Type: Reports - Descriptive
Education Level: Higher Education; Postsecondary Education
Audience: Policymakers
Language: English
Sponsor: N/A
Authoring Institution: National Association of Student Financial Aid Administrators (NASFAA)
Identifiers - Laws, Policies, & Programs: Higher Education Act Title IV; Pell Grant Program