3.0.0 572 2023-01-11T19:58:14Z 2023-01-11T19:58:14Z Senate S S 2007-02-13 110 sshr00 Health, Education, Labor, and Pensions Committee Senate Standing Referred to 2007-02-13T21:02:11Z Student Aid Reward Act of 2007 110 1010 HR 2007-06-05 Referred to the Subcommittee on Higher Education, Lifelong Learning, and Competitiveness. Identical bill CRS 2007-02-13 sshr00 Health, Education, Labor, and Pensions Committee Senate Read twice and referred to the Committee on Health, Education, Labor, and Pensions. (text of measure as introduced: CR S1915) IntroReferral 2007-02-13 Sponsor introductory remarks on measure. (CR S1914-1915) IntroReferral B00100 9 Library of Congress 2007-02-13 Introduced in Senate IntroReferral 10000 9 Library of Congress K000105 Sen. Kennedy, Edward M. [D-MA] EDWARD KENNEDY D MA MOORE N S001142 Sen. Smith, Gordon H. [R-OR] GORDON SMITH R OR H. 2007-02-13 True D000563 Sen. Durbin, Richard J. [D-IL] Richard Durbin D IL J. 2007-02-13 True C001041 Sen. Clinton, Hillary Rodham [D-NY] HILLARY CLINTON D NY R 2007-02-14 False O000167 Sen. Obama, Barack [D-IL] Barack Obama D IL 2007-04-12 False Education College administration Cost control Cost effectiveness Economics and Public Finance Education of the disadvantaged Federal aid to education Federally-guaranteed loans Finance and Financial Sector Government lending Graduate education Higher education Scholarships Social Welfare Student loan funds Education 00 2007-02-13 Introduced in Senate 2007-03-06T16:25:04Z 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.

]]> Student Aid Reward Act of 2007 Official Title as Introduced A bill to ensure that Federal student loans are delivered as efficiently as possible in order to provide more grant aid to students. Introduced in Senate IS Display Title Student Aid Reward Act of 2007 Short Titles as Introduced Student Aid Reward Act of 2007 Introduced in Senate 2007-02-13T05:00:00Z https://www.govinfo.gov/content/pkg/BILLS-110s572is/xml/BILLS-110s572is.xml 2007-02-13 Read twice and referred to the Committee on Health, Education, Labor, and Pensions. (text of measure as introduced: CR S1915) text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.