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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 the creation of federal student loan programs, more than $485 billion in federal student loans have financed the higher education dreams of more than 50 million students at more than 6,000 schools across the nation.
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ASLP STATEMENT ON HOUSE APPROVAL OF H.R. 3221
WASHINGTON, D.C., Sept. 17, 2009—America’s Student Loan Providers today issued the following statement in response to the House of Representatives vote on H.R. 3221, The Student Aid and Fiscal Responsibility Act:
“We've long supported the President and Congress in their efforts to increase access to higher education through greater federal investment in the Pell Grant program and other priorities. The Student Aid and Fiscal Responsibility Act, however, will result in serious and long-term consequences including significant job loss, new costs and disruptions for schools, decline in services, increase in defaults, and loss of consumer choice and innovation for students and families.
"What makes the bill such a contradiction is that it eliminates consumer choice and market competition, a direction completely opposite of Administration and Democratic health reform proposals.
"We continue to urge Congress to consider viable alternative reform proposals already on the table that would provide similar taxpayer savings, keep workers on the job with health benefits, maintain uninterrupted access to loans and preserve competition and choice in student loans. House passage is just one step in a lengthy legislative process."
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America’s Student Loan Providers represents 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.
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