July 6-7, 2000
ITEM 108-104-R0700††††††††† Approval to amend Policy 505 of the Board of Regents Policy and Procedure Manual to parallel expanded authority granted to guaranty agencies by the Higher Education Amendments of 1998.
THAT:††††††††††††††††††††††††††††††††††† The Montana Board of Regents of Higher Education approves the amendment to Regentís Policy 505 to allow the Montana Guaranteed Student Loan Program expanded authority.
EXPLANATION:††††††††††††††††† During the 1998 Reauthorization of the Higher Education Act, Congress mandated that guaranty agencies establish two funds: an agency operating fund and a federal fund.† The agency operating fund expanded the authority of guaranty agencies to include expenditures for financial aid early awareness and related outreach programs and other student financial aid-related activities for the benefits of students.† Other state and not-for-profit guaranty agencies have already expanded their services to include early awareness programs, scholarship funds, and activities that promote higher education.
ATTACHMENT:†††††††††††††††††† Amended wording for Policy 505.