To extend the authority of the Secretary of Education to purchase guaranteed student loans for an additional year, and for other purposes.
Latest Action
Became Public Law No: 110-350.
Official Summary
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GovScope Watchdog™
AI Government Intelligence™This bill, enacted as Public Law No: 110-350, extends the authority of the Secretary of Education to purchase guaranteed student loans for an additional year. The extension allows the Department of Education to continue managing and supporting the guaranteed student loan program, which facilitates access to higher education financing for students. The bill does not provide additional details or amendments beyond the extension of this purchasing authority.
The law extends the Secretary of Education's authority to purchase guaranteed student loans for one more year, ensuring continued federal involvement in student loan management.
- Extends the Secretary of Education's authority to purchase guaranteed student loans for an additional year.
- Supports the continuation of the federal government's role in managing guaranteed student loans.
- Signed into law on October 7, 2008, as Public Law No: 110-350.
['Students seeking guaranteed student loans for higher education financing', 'The Department of Education, which administers the loan purchase authority', 'Lenders and financial institutions involved in guaranteed student loan programs']
['The bill does not specify funding mechanisms or oversight provisions for the extended authority.', 'Potential administrative costs or budgetary impacts related to the continuation of loan purchases are not detailed.', 'Lack of additional policy details may limit transparency on how the extension affects loan program operations.']
This legislation was passed during the 110th Congress and signed into law in 2008. It reflects a routine extension of existing federal authority related to student loan programs, a common legislative practice to maintain continuity in federal education financing policies.
Hidden impact flags detected: 2
GovScope reviewed 2 policy-risk categories. Hover for a quick definition. Click detected flags for bill-specific details.
['Continued federal purchase of guaranteed student loans may sustain lender participation in the student loan market.', 'Extension of authority could indirectly support student access to financing by maintaining program stability.', 'Potential budgetary impacts may affect federal education funding priorities in the short term.']
The bill's lack of detailed funding and oversight provisions highlights the importance of monitoring the implementation of the extended authority to ensure fiscal responsibility and program accountability. Transparency about how the Department of Education exercises this authority and manages associated costs will be critical for public understanding.
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