NACUBO On Your Side: February 28–March 6, 2023
As things move quickly in Washington, DC, NACUBO is your constant advocate in action. NACUBO On Your Side covers important legislative and agency activity NACUBO staff are tracking, what we’re currently advocating for, and how you can take action with us.
Here are the issues we are tracking and advocating for this week.
ED Shares Draft Cohort Default Rates with Schools
On February 27, the Department of Education distributed draft FY20 cohort default rate (CDR) notifications to all eligible domestic and foreign schools. CDRs measure the percentage of students defaulting on their federal student loans within three years of entering repayment. ED’s announcement shares how schools can review and appeal the draft rates before the final figures are published later this year.
Supreme Court Hears Oral Arguments on Loan Forgiveness
On February 28, the U.S. Supreme Court heard arguments on two challenges to the Biden administration’s proposal to forgive federally held student loans for 16 million borrowers whose applications have been approved by the Department of Education. Much of the discussion centered on whether ED has the legal authority under the HEROES Act to forgive debt and whether the plan, estimated to cost roughly $400 billion, should come directly from Congress rather than the administration. A decision is expected in late June.
Survey Shows Increased State Support for Higher Education in FY23
A February survey by the State Higher Education Executive Officers Association (SHEEO) found that “initially approved state support for higher education in fiscal year 2023 reached $112.3 billion, a 6.6 percent increase over 2022.” While this is a significant increase, SHEEO notes that the findings are preliminary and do not account for inflation.
Charitable Giving Coalition Endorses Universal Giving Legislation
NACUBO, as a member of the Charitable Giving Coalition (CGC), sent a letter to Sens. James Lankford (R-OK) and Chris Coons (D-DE) supporting the Charitable Act, which would restore and expand a charitable deduction for non-itemizing taxpayers. The legislation would create a non-itemizer charitable deduction valued at one third of the standard deduction and make gifts to donor-advised funds eligible for the deduction.
Join NACUBO for Webcast on Endowment Considerations
Part of the ongoing Endowment Leadership Series, NACUBO will host a webcast on legislative and regulatory considerations for the coming year. The webcast features a diverse panel of experts and will take place from 2:00-3:15pm ET on Thursday, March 9.