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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
Since FY 2001, the FFELP has returned more than $12 billion to the Treasury because the government had significantly overestimated the cost of this program.
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ASLP Responds to Conference Report
WASHINGTON, D.C., September 6, 2007—The following statement was released by Kevin Bruns, executive director of America’s Student Loan Providers, in response to the Conference Report on the College Cost Reduction and Access Act:
“For all the good the conference report will do, the millions of families who rely on federal student loans will pay dearly for it—in terms of higher loan costs, fewer choices, less service, less convenience and more defaults.
“There’s just no way that borrowers can escape the impact of an 80 percent cut in government support for the program.
“This bill punishes the industry. The cuts and nationwide auction are going to punish lenders right out of the program and force families into the government’s bureaucratic direct loan program. Intentional or not, the size of the federal government just got bigger.”
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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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