According to the new financial aid law, the U.S. Secretary of Education must obtain advice and recommendations from individuals and representative of groups involved in the student financial assistance programs and provide for a discussion of the implementation of the new law. Once feedback has been solicited, Education Department officials and selected community representatives meet to negotiate agreement on points of difference regarding proposed rules. Regulate only when necessary. Regulate to support students and provide good service. Simplify programs and make them easily understood.
Cost effectiveness is important.
Develop strong and viable loan programs and provide an even playing field between various loan programs. The student loan project is complicated and has far-reaching effects. Riley also announced in January that the default rate on federal student loans has dipped below 10 percent for the first time. The peak rate was 22.4 percent. Nichelson s Perspective Nichelson, who has headed IWU's financial aid operation since 1962, attended his first Education Department meeting on Jan. 11, just two days after he was named to the group.