 |
 |
How the FFELP industry expands access to higher education
Learn how participants in the Federal Family Education Loan Program help provide access to higher education.
More >>
|
|
|
|
Fast Facts
As more and more college-qualified students graduate from high school and choose to pursue higher education, demand for federal student loans will continue to increase.
More
>>
|
|
|
|
|
ASLP Commends Congress for Fast Action on H.R. 5715, Urges Prompt Implemenation to Assure Student Loan Funding
WASHINGTON D.C., April 30, 2008—Kevin Bruns, executive director of America's Student Loan Providers, released the following statement in response to unanimous approval of H.R. 5715 by the U.S. Senate:
“The Congress is to be commended for acting quickly to pass H.R. 5715. We also commend Education Secretary Margaret Spellings and her staff for their commitment to making sure that families will have student loan funds for the coming academic year.
“Today’s passage and the expected signing by the president are the first critical steps in a multi-step process. The Department must now use the authority granted by Congress and act immediately to assure that families will have unfettered access to student loan funds for the coming academic year.
“Immediate steps to implement the legislation’s liquidity provisions on an expedited basis will provide confidence to the higher education finance community to continue their financial support to students, families and schools. A delay of even a few weeks could jeopardize college access next fall.
“Access to capital in the next few weeks will ensure that lenders can continue making student loans throughout the summer and into the fall. In the coming months, 5-7 million students and parents will apply for FFELP loans, as seventy-five percent of all federal student loan volume is committed between April and September. New FFELP loans are expected to total about $60 billion in coming academic year.
“It’s important to note that the lender-of-last-resort provisions, while a crucial backstop, have never been used on a widespread scale. Far better from families’ perspective is to provide capital to an existing system for making and servicing loans.”
###
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
|
 |
|