If you’ve been following education news at all, you know that the Higher Education Act (HEA) has been pushed back and forth on the proverbial congressional plate for several years. Well, the House has just approved legislation to renew the HEA (finally!). That means it’s time for the Senate and House to get a compromise piece of legislation to President Bush. So, once the HEA does get renewed, what could that mean for those who are back in school, getting ready to launch a new career? Let’s run down the (non-exhaustive) list:

- The Department of Education (DOE) would have a lot more authority to regulate private student loans. The goal here is to protect students from the shady deals between lenders and colleges that we heard so much about last year.

- The period that the federal government uses to calculate the rate at which student loan borrowers default would be extended from two years to three, which is a boon for students. But the change won’t be implemented until 2012, and it will also raise some of the rates at which penalties against institutions with high rates kick in.

- The maximum Pell Grant would be $9,000 (up from $4,310 in 2007-2008). Students will also be allowed to receive Pell Grant funds year-round instead of just during the traditional academic year.

- The Academic Competitiveness Grant Program for low-income students would finally be available to part-time and certificate-seeking students.

- Textbook prices would be reined in some, since textbook publishers would be required to expand the information they provide to faculty members about pricing and changes from past editions, and colleges would put information about required books in their course schedules to help students shop for books more cost effectively.

- It would be easier for students to get information about their financial aid awards and to simplify the process of qualifying for federal financial aid in the first place. Isn’t it time the monstrous FAFSA was streamlined?

- Colleges would have to make more arrangements for their students to legally download movies and music in order to stop illegal peer-to-peer file sharing. This has been a hotly debated item; we’ll have to wait and see about the outcome on this one.

- Standards for teacher education programs would be stricter. Hey, we need good teachers, right?

- The DOE would publish lists of accredited institutions and accreditation agencies, which can help crack down on diploma mills–definitely good news for students in search of quality higher education.

Hopefully, the final piece of legislation will mean good news for all of us. We’ll keep you posted….

-Robyn Tellefsen