H.R.1010 - Student Aid Reward Act of 2007110th Congress (2007-2008)
|Sponsor:||Rep. Miller, George [D-CA-7] (Introduced 02/13/2007)|
|Committees:||House - Education and Labor|
|Latest Action:||House - 06/05/2007 Referred to the Subcommittee on Higher Education, Lifelong Learning, and Competitiveness. (All Actions)|
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Summary: H.R.1010 — 110th Congress (2007-2008)All Information (Except Text)
Introduced in House (02/13/2007)
Student Aid Reward Act of 2007 - Amends title IV (Student Assistance) of the Higher Education Act of 1965 to direct the Secretary of Education to carry out a Student Aid Reward (SAR) Program of payments to encourage institutions of higher education (IHEs) to participate in the student loan program under title IV that is most cost-effective for taxpayers.
Requires that a SAR payment to an IHE equal at least 50% of the savings to the federal government generated by the IHE's participation in the most cost-effective student loan program, rather than one not cost-effective for taxpayers.
Requires IHEs receiving SAR payments to: (1) provide student loans under that most cost-effective program for five years after the payment date; and (2) use payment funds, where appropriate, to supplement student Pell Grants. Allows such funds to be used also to award need-based grants to lower and middle income graduate students.