A bill to ensure that Federal student loans are delivered as efficiently as possible in order to provide more grant aid to students.
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.
Referred to the Subcommittee on Higher Education, Lifelong Learning, and Competitiveness.
Introduced in Senate
Sponsor introductory remarks on measure. (CR S1914-1915)
Read twice and referred to the Committee on Health, Education, Labor, and Pensions. (text of measure as introduced: CR S1915)
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