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Welcome to the Law School Loans Government Relations section. Because Law School Loans values each of its clients, we'd like to take the time to assure you that we endlessly work to follow federal and state legislation on the administration of the Federal Family Education Loan (FFEL) Program. In addition, we adhere to the policy positions, while tracking any federal legislative and regulatory activity and working with national and state associations to provide updates.
In this section, you will find more extensive information on the FFEL Program and related legislation and regulatory actions. Feel free to use the links below for quick navigation.
FFEL Program
Part B of Title IV of the Higher Education Act of 1965, as amended, includes the Federal Family Education Loan (FFEL) Program, formerly the federal guaranteed student loan program. FFEL includes four components: Stafford Loan, Unsubsidized Stafford Loan, PLUS (Parent Loan for Undergraduate Students) Loan, and Consolidation Loan. FFEL loans are available to students attending institutions of higher education, vocational and technical schools, business and trade schools, and some foreign institutions.
Higher Education Act
The legislation reauthorizes all the federal student assistance programs for five years with an automatic one-year extension. These programs include: the Federal Family Education Loan (FFEL) Program, the William D. Ford Federal Direct Loan Program, Pell Grants, the Federal Supplemental Educational Opportunity Grant Program, Federal Work-Study, Federal Perkins Loan Program, Leveraging Educational Assistance Partnership (LEAP) and the Special Leveraging Education Assistance Partnership (SLEAP). The last reauthorization of the Higher Education Act was on October 7, 1998 when President Clinton signed into law the Higher Education Amendments of 1998
(Pub. L. 105-244).
Policy Headquarters
Law School Loans is your quick-stop for information regarding the federal student loan programs. Visit this page to learn of any new updates.
Policy and Regulations
In addition to federal statutory requirements, Law School Loans charts national policy issues and federal regulations issued by the U.S. Department of Education and other agencies. Guidance issued includes Dear Colleague letters, Federal Register notices and other policy guidance related to the administration of the federal student loan program.
Tax Benefits for Higher Education
In 1997, The Taxpayer Relief Act was created and implemented new tax benefits for families are paying for higher education. In 2001, the Economic Growth and Tax Relief Reconciliation Act of 2001 added new benefits and revised several others. The Hope Scholarship tax credit helps make the first two years of college or vocational school universally available. Students will receive a 100 percent tax credit for the first $1,000 of tuition and required fees and a 50 percent credit on the second $1,000. This credit is available for tuition and required fees less grants, scholarships, and other tax-free educational assistance and will be available for payments made after December 31, 1997, for college enrollment after that date.
Free Application for Federal Student Aid
Comprehending and correctly filing a FAFSA is necessary to qualify for large loans, such as the Federal Stafford Loan and PLUS Loan. Adhere to the set deadlines. FAFSA has an established deadline, but be sure to check out if the individual institutions have different dates for financial aid requests. The 2007-2008 FAFSA is the FAFSA form for the academic year beginning on July 1, 2007. The start of this years filing began on January 1, 2007. Filing the application ASAP is the best way to gauge how much financial aid you have the opportunity to receive, especially if you're requesting consideration for limited funding. You can find your FAFSA application and more information at www.fafsa.ed.gov.
Federal Family Education Loan Program
For a complete and current manual regarding FFELP update, policy changes, and information, click here.
Your Guide to Understanding More
Understanding the Hope Scholarship Tax Credit
Understanding the Lifetime Learning Tax Credit
Understanding the Tuition and Fees Tax Deduction
Related IRS Publications
PDF Version of Parent and Student Guide to Federal Tax Benefits for Tuition and Fees
Read Law School Loans Articles
For everything you need to know on student loan consolidation and important, lending information, please visit our articles archives.
Resources
Federal Student Aid (FSA)
National Student Loan Data System
Student Aid on the Web
Free Application for Federal Student Aid
Tax Benefits Guide
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The federal student loan consolidation program is intended to help students better manage their loans. Because getting higher education is expensive and millions of students rely on student loans to finance their education, federal loan consolidation provides a break for graduates with debt.
