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New Paper Shows No Difference in FFELP’s, Direct Lending’s Costs
America’s Student Loan Providers have released a white paper that for the first time puts a dollar figure on the impact of flaws in federal budget rules
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Fast Facts
In FY 2003, the Direct Loan program fell short on interest payments to the Treasury, because interest and fees payments from student loans were $2.9 billion less than expected.
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House Vote Clears Way for Senate to Protect Families
WASHINGTON, D.C., July 11, 2007—The following statement was released by Kevin Bruns, executive director of America’s Student Loan Providers, in response to today’s passage by the House of Representatives of H.R. 2669:
“The fact remains that H.R. 2669 would make college less affordable for millions of middle-class families and significantly reduce their federal student loan options. The bill’s $19 billion in student loan cuts – on top of last year’s $18 billion in cuts – would mean higher loan costs and fewer resources available for customer service and default avoidance prevention.
“All eyes are now on the Senate to protect families and preserve choice and competition in federal student loans. The student loan community urges senators to reject radical budget cuts and auction proposals that are clearly not in the best interests of borrowers.
“The student loan community looks forward to working with the Senate. A strong private sector-based federal student loan program is in the best interests of borrowers, schools and the nation.”
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America’s Student Loan Providers represents 89 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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