(Dec. 18, 2007) On October 31, President Bush signed the "Third Higher Education Extension Act of 2007" (
P.L. 110-109) to extend temporarily the Higher Education Act (HEA,
P.L. 105-244) through March 31, 2008. Authority for the HEA expired on Sept. 30, 2003; however, several extensions have been enacted, allowing uninterrupted administration of the programs authorized under the law. The Senate July 24 passed the "Higher Education Amendments of 2007" (
S. 1642) to reauthorize the HEA for five years. The House introduced “
College Cost Reduction and Access Act Technical Amendments of 2007” (H.R. 4153)
on November 13. The House Education and Labor Committee approved this legislation, but it has yet to be considered on the House floor. It is scheduled for a vote this week.
The College Cost Reduction and Access Act, which was signed into law this fall, included changes to the economic hardship deferment qualifications. The Association of American Medical Colleges (AAMC) received confirmation from the Department of Education that the student loan economic hardship deferment qualifications have not changed, despite the passage of this legislation. Student loan lenders should continue to offer applications for economic hardship deferment from medical residents who qualify under the debt-to-income ratio.