Need-Based Educational Aid Act of 2015 Introduced By Grassley, Leahy, Smith & Johnson

WASHINGTON - Leading members of the Senate and House Judiciary Committees introduced legislation Tuesday to extend an antitrust exemption that allows certain colleges and universities to collaborate on issues of need-based financial aid.

The Need-Based Educational Aid Act of 2015 allows colleges and universities that admit students on a need-blind basis to collaborate on the formula they use to determine how much families can pay for college.

This exemption was first enacted in 1994, and has been reauthorized by Congress three times without opposition, most recently in 2008. In addition to collaborating on a common formula for calculating ability to pay for college, higher education institutions are permitted to agree to award aid only on the basis of financial need and use a common application for aid.

The current exemption expires in September. The bipartisan, bicameral legislation introduced today by Senate Judiciary Committee Chairman Chuck Grassley (R-Iowa), Ranking Member Patrick Leahy (D-Vt.), Congressman Lamar Smith (R-Texas), and Congressman Hank Johnson (D-Ga.), who both serve on the House Judiciary Committee, extends the exemption another seven years. The bill also removes a previously permitted activity that no school has ever used.

"By explicitly permitting these specific antitrust activities, Congress prevents needless and costly litigation.  It's an important provision that helps ensure that the colleges and universities covered by this section of the law admit students without regard to ability to pay," Senator Grassley said.  "Allowing the use of these common principles helps make available need-based aid to low and middle income families and increases access to higher education, without causing harm to competition."

"Exceptions to our antitrust laws require meaningful oversight and I have worked with my cosponsors to seriously consider the impact of the Need-Based Educational Aid Act of 2015," Senator Leahy said. "This bill allows the covered colleges and universities to focus their resources on ensuring the most qualified students can attend some of the best schools in the nation, regardless of family income. This is an important goal, and one that we should all support."

"In today's world, higher education is an increasingly essential component to career success.  I believe all students, regardless of their financial situation, should have access to an affordable college education. Most Americans would never imagine that anti-trust laws could come between students and an affordable higher education," Congressman Smith said. "Our bill will make it easier for students to obtain need-based assistance to pay for college."

"The Need-Based Educational Aid Act of 2015 is critical to ensuring the continued use of a common, need-based formula for awarding financial aid to students at some of our nation's leading colleges and universities," Congressman Johnson said. "Importantly, this bill's limited exception to the antitrust laws preserves a level playing field for students at these institutions through a need-blind admissions process, empowering low-income and minority students to access a first-rate education."

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Colleges & Universities Support The Need-Based Educational Aid Act of 2015

·         "Section 568 is a no-cost provision of federal law that increases access to higher education.  First enacted in 1994 and reauthorized several times since then, the provision facilitates thoughtful collaboration by qualified financial aid professionals on need-blind financial aid policies.  This provision has enabled 568 institutions to maximize allocation of our significant institutional aid resources and to ensure that those funds are targeted to benefit the students with the greatest financial need and to reduce or, in some cases, eliminate debt loads on graduation." 568 Presidents' Group

·         "The Need-Based Educational Aid Act will ensure that Middlebury continues to attract and admit the best students without regard to their families' financial situation.  We applaud Senator Leahy's leadership on this important, bipartisan issue." Kim Downs, Associate Vice President for Student Financial Services, Middlebury College (Vermont)  

ALLIANCE, OH (05/29/2015)(readMedia)-- Courtney Wachal of Bettendorf, Iowa, was named to the Dean's List for the spring 2015 semester at the University of Mount Union.

To be eligible for Dean's List, students must have completed at least 12 credit hours of traditionally graded coursework while achieving a grade point average of 3.550 or better with no grade below a B.

University of Mount Union The University of Mount Union, founded in 1846, is a four-year, private institution grounded in the liberal arts tradition. The University is located in Alliance, OH, 80 miles of both Cleveland and Pittsburgh. Mount Union offers an array of broad-based and career-specific undergraduate and graduate programs to its 2,200 students who experience outstanding opportunities for success after graduation. Among members of the 2012 graduating class, 98% of those self-reporting started a degree-required career or were accepted to graduate school, all in an average of 20 days after graduation. The University is committed to providing a student-centered approach and an exceptional educational experience. For more information, visit mountunion.edu.

PELLA, IA (05/29/2015)(readMedia)-- The following students were named to the spring 2015 Central College dean's list:

Miranda Ebeling of Muscatine

Joseph Heath of Taylor Ridge

Melissa Ketcham of Muscatine

Sydney Lunardi of Bettendorf

Abby Saladino of Long Grove

Abbey Strajack of Davenport

The honor is awarded to full-time students who achieve a 3.5 grade point average or higher on a 4.0 scale while taking 12 or more graded credit hours for the semester.

Founded in 1853, Central College of Pella, Iowa, is a private, residential four-year liberal arts college known for its academic rigor and strength in global experiential learning, STEM (science, technology, engineering and math), sustainability education, athletics success and tradition, and leadership and service. Central continues to value its long-standing relationship with the Reformed Church in America that began in 1916. The college participates in NCAA Division III athletics and is a member of the Iowa Conference. Central is an active part of the Greater Des Moines region and just two minutes from Lake Red Rock, Iowa's largest lake.