Summary: H.R.12253 — 93rd Congress (1973-1974)All Information (Except Text)

Bill summaries are authored by CRS.

Shown Here:
Public Law No: 93-269 (04/18/1974)

(LATEST SUMMARY)

Provides that any funds appropriated to carry out any program to which the General Education Provisions Act applies for the fiscal years 1973 and 1974 shall remain available for obligation and expenditure until June 30, 1975.

States that nothing in this Act shall be construed as approving the withholding from expenditure or the delay in expenditure of any funds appropriated to carry out any applicable program for fiscal year 1973 beyond allowed for apportionment.

Revises the student assistance provisions of the Higher Education Act by entitling each student who has received a loan for study at an eligible institution to have paid on his behalf and for his account to the holders of the loan a portion of the interest of the loan if his adjusted family income is less than $15,000 and if he has been accepted for enrollment at an eligible institution or, in the case of a student who is attending such an institution, is in good standing at such institution as determined by such institution.

Provides that the determination of need and the amount of a loan recommended by an eligible institution and the amount of loans in excess of $2,000 recommended by an eligible institution with respect to a student shall be determined by substracting from the estimated cost of attendance at such institution the total of the expected family contribution with respect to such student plus any other resources or student financial assistance reasonably available to such student.

Provides that nothing in this or any other Act shall be construed to prohibit or require, unless otherwise specifically provided by law, a lender to evaluate the total financial situation of a student making application for a loan under this part, or to counsel a student with respect to any such loan, or to make a decision based on such evaluation and counseling with respect to the dollar amount of any such loan.