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Student loan cuts could hurt students and program, ASLP warns senators in a letter
America’s Student Loan Providers today sent a letter to senators urging them to oppose significant budget cuts in federal student loans. …
“The Senate’s first priority should be students and the grant and loan programs that serve them,” the letter states. “Deep budget cuts would make it nearly impossible for Congress to increase access to higher education through much-needed program improvements as part of the [HEA] reauthorization.”
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Fast Facts
In FY 2003, private sector student loan providers managed a $214 billion student loan portfolio at no net cost to the federal government.
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ASLP Issues Statement on President's Budget Proposal
WASHINGTON D.C., Feb. 26, 2009 – Kevin Bruns, executive director of America 's Student Loan Providers, released the following statement in response to the President's Budget proposal to abolish the Federal Family Education Loan Program.
“We respectfully disagree with the President’s proposal to eliminate the Federal Family Education Loan Program. The FFEL Program has stood by families throughout the credit crisis and has provided families with uninterrupted access to student loans – guaranteed student loans have been a rare source of stability for families. Now is not the time to talk about abolishing them.
“This is the beginning of a lengthy process. The Administration has made a proposal and the Congress will now consider it. The projected cost savings and impact on the national debt need careful study.
"We agree with the President that current market conditions coupled with an exploding budget deficit require a fresh look at the federal student loan programs. We agree that the entire financial aid system should be examined to ensure that families are well served by the historic federal student loan programs. Eliminating the FFEL program won’t achieve that goal. We look forward to working with all the stakeholders to achieve that result.”
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America’s Student Loan Providers represents more than 80 of the nation’s leading private, nonprofit and state-based education and financial organizations that provide federally guaranteed student loans through the Federal Family Education Loan Program. By leveraging private financial markets and competing for the right to lend to students, ASLP members offer low-cost loans and superior levels of service to millions of students and most of the 5,000 postsecondary institutions that participate in FFELP. More information is available at www.aslp.us or call 202.721.1190.
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