Student Loan Providers Urge Administration to Act on Liquidity

WASHINGTON D.C. April 8, 2008—Kevin Bruns, executive director of America's Student Loan Providers, released the following statement in response to unanimous approval of The Ensuring Continued Access to Student Loans Act of 2008 by the U.S. House Committee on Education and Labor:
  
“The student loan community shares a commitment with the Congress to ensure that students continue to receive the necessary loan funds to pursue postsecondary education and training.  We commend Rep. George Miller (D-CA), chairman of the U.S. House Committee on Education and Labor, Rep. Howard P. “Buck” McKeon (R-CA), the committee’s senior Republican, and other committee members for taking quick action on The Ensuring Continued Access to Student Loans Act of 2008.
  
“It's no secret that the combination of deep budget cuts and recent turmoil in the credit markets has placed significant stress on the Federal Family Education Loan Program. This legislation is especially important to those families who are currently making their college decisions for the coming fall, but are unsure whether all the financial pieces will come together so their children can attend the colleges of their choice.
  
“Congress clearly recognizes that decisive action is needed immediately to ensure uninterrupted access to federal guaranteed student loans.  We urge the Administration to act without delay and work with Federal financial institutions, such as the Federal Financing Bank, Federal Reserve and federally-chartered private entities such as the Federal Home Loan Banks, to provide liquidity to the capital markets serving federal student loan providers, so we can continue to provide financing for students and families.”   

  ###

About America’s Student Loan Providers
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.