Revises the definition of institution of higher education (IHE) to include one that admits as regular students those who have been home-schooled (as well as high school graduates or those with equivalency certificates), thus providing that such home-schooled students are eligible for HEA student aid.
Makes students attending nonprofit foreign veterinary schools eligible for the Federal Family Education Loan (FFEL) student loan program if the school does not meet certain requirements, but only if: (1) it was certified as eligible by the Secretary of Education; and (2) students complete their clinical training at an approved veterinary school in the United States.
Allows IHEs to make mandatory reports on teacher preparation program quality by electronic means.
Eliminates a requirement that new forbearance agreements between lenders and borrowers be in writing; but requires lenders to notify borrowers of their terms.
Allows financial aid professionals to use professional judgment in reevaluating the student financial need of a ward of the court.
Requires students withdrawing from an IHE to return only HEA title IV grant aid amounts exceeding 50 percent of the total (if more than $50).
Permits Hispanic-Serving Institutions (HSIs) to apply for Federal HSI grants without waiting two years between applications.
Authorizes the use of HEA title VII funds for: (1) Federal scholarship aid to low-income and minority students for summer institutes to prepare for law school; and (2) Thurgood Marshall Fellowships to attend law school.
Provides that an IHE is in compliance with requirements to provide students with certain information, including voter registration material, if it does so through an e-mail message or an Internet address.
Extends through September 30, 2003, HEA exemptions, for IHEs having low student loan default rates, from requirements that the disbursement of loan proceeds be: (1) in multiple installments; and (2) delayed for 30 days after classes start for first-time undergraduate borrowers.