Need-Based Educational Aid Act of 2008

Floor Speech

NEED-BASED EDUCATIONAL AID ACT OF 2008 -- (House of Representatives - September 27, 2008)

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Ms. ZOE LOFGREN of California. I yield myself such time as I may consume.

The Need-Based Educational Aid Act, sponsored by our colleagues BILL DELAHUNT of Massachusetts and Ranking Member LAMAR SMITH of Texas, extends an antitrust exemption that permits colleges to agree to award financial aid on a need-blind basis and to use common principles of needs analysis in making their determinations. This exemption also permits the use of a common aid application form in exchange of student financial information through a third party.

In 1992, Congress passed the first exemption. It has expired several times, and it is now set to expire in 4 days. We hope to avoid that by passing this bipartisan legislation.

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Ms. ZOE LOFGREN of California. Mr. Speaker, the exemption that we are renewing today has worked well. It makes sure that schools don't have to compete for the very top students, which could result in some students, the top students, getting excess aid while the rest of the applicant pool receives less or, in some cases, none at all.

As mentioned by Mr. Smith, it was sent back to us by the Senate. The exemption is extended to 2015. Enacting this today protects need-based aid and need-blind admissions, and it will help preserve the opportunity for all students to attend one of the Nation's most prestigious schools. As Mr. Smith has noted, we hope someday to have a permanent extension, but for now, we need to pass this bill. I urge my colleagues to support the legislation.

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