Student Aid Reward Act of 2005

Summary

Student Aid Reward Act of 2005 - Amends the Higher Education Act of 1965 (HEA) title IV (Student Assistance) 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 percent 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.

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Documents

3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 11 April 2005

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• Introduced in Senate (PDF)

  Introduced in Senate · EN · 11 April 2005

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• Introduced in Senate

  summary · EN · 11 April 2005

  Open at official source

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