Student Financial Assistance Technical Amendments Act of 1982

Summary

Sallie Mae Technical Amendments Act of 1982 - Amends the Higher Education Act of 1965 to extend for two years the waiver of Federal priority over the indebtedness of the Student Loan Marketing Association (Sallie Mae). Limits the maximum Pell Grant a student may receive for academic years 1983-1984 and 1984-1985 to $1,800 or 50 percent of the cost of attendance (as defined for academic year 1982-1983). Authorizes the Secretary of Education to establish or approve separate (from the Pell Grant family contribution schedule) systems of need analysis for academic years 1983-1984 and 1984-1985 for the campus-based programs of supplemental educational opportunity grants, work-study, and direct loans. Carries over the academic year 1982-1983 Pell Grant family contribution schedule into academic year 1983-1984, with specified modifications to be published within 15 days of enactment of this Act. Provides that the academic year 1984-1985 Pell Grant family contribution schedule shall be the same as for academic year 1983-1984, with specified modifications, unless the Secretary of Education publishes in the Federal Register and submits to the Congress a proposed schedule by April 1, 1983, and a final schedule by May 15, 1983. Provides that such final schedule shall take effect unless either House of the Congress adopts a resolution of disapproval by a specified date. Provides for a new proposed schedule to take effect unless another resolution of disapproval is adopted. Requires that a modified family contribution schedule for academic year 1984-1985 be submitted by July 15, 1983, under specified conditions. Carries over for academic years 1983-1984 and 1984-1985 the Pell Grant cost of attendance criteria in effect for academic year 1982-1983. Directs the Secretary to publish changes in amounts allowed as an offset for family size as a consequence of specified modifications of the Pell Grant family contribution schedule, immediately after publication of the Consumer Price Index for June, 1983. Carries over for the July 1, 1983 through June 30, 1984 period of instruction the guaranteed student loan family contribution schedule for the preceding year, with specified modifications. Extends through FY 1983 and 1984 the proportional reduction formula for apportionment to States of appropriations for: (1) supplemental educational opportunity grants; and (2) national direct student loans. Requires specified disclosures of the cost and terms of student loans to borrowers prior to the start of the repayment period. Permits State guaranty agencies, nonprofit institutions, and eligible lenders to consolidate federally insured or guaranteed student loans, upon the request of a borrower whose aggregate outstanding indebtedness reaches specified levels. Provides for an extended repayment period of up to 20 years and the establishment of graduated, income sensitive repayment schedules for such consolidated loans. Sets the maximum annual interest rate at eight percent on the unpaid principal balance of the new, consolidated loan, for any borrower who has received two or more federally insured student loans at nine percent. Requires the State guaranty agency, nonprofit institution, and eligible lender to develop an information program regarding such consolidation of loans. Replaces the ratable reduction formula for Pell Grant awards with a linear reduction formula under which, when there are insufficient appropriations, awards for those with lesser need would be cut by a larger percentage than awards for those with greater need. Directs the National Center for Education Statistics to collect and publish for academic years 1982 through 1985 data on tuition, fees, and room and board charges for institutions included in the Higher Education General Information Survey.

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Documents

6 official files

• Public Law (PDF)

  Public Law · EN · 14 October 1982

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• Conference report filed in Senate

  summary · EN · 27 September 1982

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• Passed House amended

  summary · EN · 22 September 1982

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• Passed Senate amended

  summary · EN · 16 September 1982

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• Reported to Senate with amendment(s)

  summary · EN · 9 September 1982

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• Introduced in Senate

  summary · EN · 18 August 1982

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