H.R.6889 - To extend the authority of the Secretary of Education to purchase guaranteed student loans for an additional year, and for other purposes.110th Congress (2007-2008)
|Sponsor:||Rep. Miller, George [D-CA-7] (Introduced 09/15/2008)|
|Committees:||House - Education and Labor|
|Latest Action:||10/07/2008 Became Public Law No: 110-350. (TXT | PDF) (All Actions)|
|Major Recorded Votes:||09/15/2008 : Passed House|
This bill has the status Became Law
Here are the steps for Status of Legislation:
- Passed House
- Passed Senate
- To President
- Became Law
Summary: H.R.6889 — 110th Congress (2007-2008)All Bill Information (Except Text)
Public Law No: 110-350 (10/07/2008)
(This measure has not been amended since it was introduced. The summary of that version is repeated here.)
Amends the Higher Education Act of 1965 to extend by one year, from July 2009 to July 2010, the Secretary of Education's authority to purchase, or enter into forward commitments to purchase, Federal Family Education Loans (FFELs) from lenders upon the determination that there is an inadequate availability of loan capital to meet the demand for such loans.
Extends by one year, from June 30, 2009 to June 30, 2010, the authority of institutions of higher education (IHEs), with the Secretary's approval, to participate in the FFEL lender-of-last-resort program for borrowers otherwise unable to obtain such loans; thereby requiring guaranty agencies serving as lenders-of-last-resort to make FFELs to student and parent borrowers of such IHEs, until such date, regardless of their ability to otherwise obtain such loans.