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What Financial Aid Officers are saying about the FFELP
Read what Financial Aid Officers are saying about the Federal Family Education Loan Program - the student loan program used exclusively by 83 percent of schools.
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Fast Facts
Student loans are an affordable financing vehicle for students and families to help close the gap between available resources (such as grant aid) and the cost of higher education.
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"Trojan Horse" Agreement Will Eliminate Choice & Competition
WASHINGTON – Kevin Bruns, executive director of America’s Student Loan Providers, today released the following statement in response to the congressional budget-reconciliation conference agreement:
"The $750 million instruction to cut education spending is a Trojan Horse. If past statements are any guide, hidden from view are the most radical budget cuts in the history of the federal student loan program.
"These cuts will reduce choice and competition in federal student loans—lenders will be forced out of the program and families, forced to borrow directly from the government.
"On this issue, Congress is misreading the American people. Families struggling to pay skyrocketing college costs want a choice of lenders who compete to offer the best prices and service. They didn't vote last fall for a government-run monopoly of all student loans. They didn't vote to pay hundreds if not thousands more on their loans."
In a recent ASLP-commissioned poll by Public Opinion Strategies, two-thirds of registered voters said they prefer having a choice of lenders who compete to offer federal student loans, over being required to borrow directly from the government.
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America’s Student Loan Providers represents 87 of the nation’s leading private, nonprofit and state-based education and financial organizations that provide guaranteed student loans through the Federal Family Education Loan (FFEL) Program. By leveraging private financial markets and competing for the right to lend to students, ASLP members offer low-cost loans to millions of students and superior levels of service to most of the approximately 5,000 postsecondary institutions that participate in the FFEL program. More information is available at www.aslp.us or call 202.721.1190.
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