On July 31, 2008, Congress passed the first full reauthorization of the Higher Education Act of 1965, as amended (PL 105-244), since 1998. After more than five years of consideration, Congress approved the Higher Education Opportunity Act (H.R. 4137) on a overwhelmingly bipartisan basis. The Act imposes a substantial number of new reporting requirements and obligations on institutions that participate in the Title IV federal student financial aid programs. Below is a summary of some of the more noteworthy provisions of the Act.