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 Regent's 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.