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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
The non-partisan U.S. Government Accountability Office (GAO) found that the Federal Direct Loan program has spent more than it has collected in fees and interest in every year since 1997.
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FIX BUDGET SCOREKEEPING RULES, LOAN PROVIDERS URGE
“The time has finally come for Congress to fix the budget scorekeeping rules for federal student loan programs. Until then, there should be a moratorium on any program changes that have major budget implications. In particular, Congress shouldn’t be looking at making changes in the Federal Direct Student Loan Program that are based on the projected budget savings, because in the end the savings won’t be there.
“PWC’s independent, nonpartisan study demonstrates yet again that budget scorekeeping rules seriously understate the true costs of the Direct Loan program and dramatically overstate the costs of the Federal Family Education Loan Program. How could Congress possibly make good policy decisions if the numbers that are supposed to show the true costs simply don’t add up? Maintaining the scorekeeping status quo isn‘t good for anybody -- not for students, colleges or taxpayers.”
PricewaterhouseCoopers Study
Excerpts from other independent studies concerning these scorekeeping biases may be found on our web site.
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