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House Passes Economic Stimulus Bill


Feb 13, 2009

The House of Representatives just passed the compromise version of the economic stimulus package.  Now there are just two stop left for it before it becomes law: the Senate and President Obama's desk.  The Senate plans to vote later this evening, putting it on track to be signed on Monday. [...]

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The Senate passed their version of the economic stimulus bill Tuesday, and by late afternoon yesterday it was announced that a compromise had been reached between the House and the Senate. The compromise bill includes less funding than either version--$789 billion as compared to $820 or $838 billion, and one of the areas that faced cuts was education. [...]

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The loss in funding faced by state and community colleges this year may not be a one-time thing.  A report issued this week by the State Higher Education Executive Officers (SHEEO) indicates that state budget cuts to higher education made during recessions tend to become permanent.  With many attempting to eliminate multi-billion dollar budget shortfalls, cuts to education are almost certain to happen across the country, and based on data collected by SHEEO, they are likely to continue into the future. [...]

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The recession seems to be bringing an almost constant stream of stories about people in all sorts of circumstances who are facing new and varied financial troubles.  These stories could easily be read as a guide for "things not to do in a recession."  The latest addition?  "Default on your student loans." [...]

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More Americans are regarding a college education as necessary, but fewer are regarding college as accessible for everyone according to survey results released today by Public Agenda and the National Center for Public Policy and Higher Education.  While the economy is likely a factor, these trends have been ongoing since at least 2000, even during times of relative economic strength. [...]

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The student loan rescue plan that will allow the Department of Education to buy up student loans issued since 2003 will begin operating in February.  The plan will set up a bank to act as a "conduit" for purchasing older student loan assets and will also allow the Treasury to become the buyer of last resort for assets the conduit bank is unable to refinance.  The Treasury will buy up student loans through this program for the first 90 days, after which the Department of Education will take over.  The Bank of New York Mellon is currently the only authorized conduit, though more could be added later. [...]

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College and university endowments plunged an average of 23 percent between July 1 and November 30 in 2008, with many sustaining further losses since then.  While almost everyone who's been reading higher education news or attending college knows that endowments have dropped, the depth and the breadth of the damage has largely been left to the realm of speculation. [...]

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It's looking like federal student financial aid will be increased in the forthcoming economic stimulus package, at least based on the legislation presented in each house of Congress in its current form.  While the House stimulus bill contains more aid for education, the Senate bill also proposes higher education tax benefits and increases in Federal Pell Grant funding. [...]

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If you're wondering what to expect in college or how you measure up against the students already there, an annual survey of college freshmen may help answer your questions.  The Cooperative Institutional Research Program, conducted by the Higher Education Research Institute and UCLA, annually surveys college freshmen, asking a broad spectrum of questions ranging from their reasons for their college choice to their religious and political views.  The results from this year's survey have just been published on the Higher Education Research Institute's website. [...]

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If you're planning to enroll in a community college sometime in 2009, be sure to plan ahead.  While in the past, late registration may have resulted in students not getting a class or two they wanted, increased interest in two year schools may produce an even more pronounced effect.  Community colleges across the country are receiving more applications and admitting more students for the 2008-2009 academic year than ever before, with some institutions reporting percentage growths in the double digits.  Many schools are seeing enrollment increases so dramatic that they lack the money and space to adequately accommodate the students turning up on their doorsteps. [...]

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While the focus for many students right now is planning for and paying for the next year of college, some students are still struggling with bills from the current or previous semester.  An e-mail survey by the American Association of Collegiate Registrars and Admissions Officers reports a perceived increase in unpaid tuition bills in the 2008-2009 academic year.  While being caught short on one semester's tuition can seem stressful enough, it can carry serious consequences for college students. [...]

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Barack Obama became known for his web presence during his Presidential campaign.  He and his transition team have kept up this reputation through YouTube addresses and websites such as Change.gov, the official transitional website.  Now the Obama transition team is asking for public comments--or at least blog comments--on issues related to paying for school.  A post on the Change.gov blog is currently soliciting feedback about college affordability.  While there's no guarantee that the President-elect himself will read your post, if you would like to weigh in on educational policy at least in a small way, you can view and comment on the January 5 Change.gov blog post "Keeping College Affordable."  [...]

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Recent economic hardships have derailed many families' college plans, prompting some to stop saving and others to start considering less expensive colleges.  For students still determined to attend a prestigious university, another option has been gaining traction.  According to an article in The Boston Globe, applications from American students are up at many of Canada's top universities, indicating a new surge in an already growing trend.  [...]

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