Funding for financial aid and related policies are at the forefront of issues facing higher education, dominating discussions and votes in Washington, D.C. Who is eligible? How much can be awarded? How do students obtain funding? Where is the funding coming from? The Department of Education and its Office of Financial Aid are the focal point of much of this discussion.
For more information about Financial Aid, click here.
To view information about Northeastern's financial aid and some of the students who benefit, click here.
In 2009, Congress voted to change the federal loan system through the Higher Education Act (HEA) to ensure that all loans are part of the federal Direct Lending program. These federal institutions, along with Northeastern, are dedicated to providing all eligible students the aid they require to access the education they deserve. Though the HEA was signed into law in 1965, it constantly requires evaluation and reauthorization. Through this process, new regulations are developed. The Department of Education is responsible for publishing these regulations, then interpreting and implementing them. Northeastern tracks the development of these regulations and will continue to take an active role in the policy and regulatory discussions of financial aid.
For information regarding the regulation of higher education financial aid, click here.
On June 14, 2011, Northeastern University's President Joseph Aoun convened a group of university presidents and officials from the U.S. Department of Education, including Under Secretary Dr. Martha Kanter, to discuss the Administrations proposal to expand the Perkins Loan program. This program is essential in providing financial support to the neediest students at higher education institutions across the country. The meeting served as the first step in a national dialogue needed to strengthen the program, which is scheduled for elimination in 2014.
The Federal Perkins Loan Dialogue built on a letter President Aoun and a group of 33 other college and university leaders sent to the Department of Education this past February. The Boston Globe reported on this letter after it was sent in February.
The Department of Education has published their rationale for interpreting the termination date of the Perkins Loan Program. The first date, October 1, 2012, is the date given for the return of federal Perkins loan funds to the DOE; the second date, September 30, 2014, is the end date for the authorization for the Perkins Loan Program.