U.S. Secretary of Education Margaret
Spellings today announced the formation of a Task Force on Student
Loans to build on the progress and work of the negotiated rulemaking of the Commission on the Future of Higher Education, which convened in 2005 and concluded at the end of 2006. This new task force includes
representatives from the Department's Office of Post Secondary
Education, Federal Student Aid and Office of the General Counsel.
Much like the Commission on the Future of Higher Education, the Task Force will have no student representation. The negotiated rulemaking process will still provide an opportunity for public comment; it is required by the Higher Education Act to provide an inclusive forum for interested parties to address federal policy and regulation.
The Task Force will focus on key
issues such as preferred lender lists, prohibited inducements and the National Student Loan Data System (NSLDS). Recent investigations into the lending industry have shown that misuse is widespread, and it is clear that reform will be necessary.
