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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 private sector student loan program costs and defaults are at the lowest rate in the history of the program.
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As Education Pays, So Do Student Loans
Statement Regarding College Board’s “Education Pays Update”
Washington, D.C.—Kevin Bruns, Executive Director of America’s Student Loan Providers, today issued the following statement in response to Education Pays Update 2005,* released yesterday by the College Board:
“Education Pays Update 2005 shows us just how much of a twofer higher education is.
“The nation as a whole benefits, not only from having an educated workforce, but also in more practical ways: higher tax revenues, greater voter participation and lower health-care costs. The people who go to college benefit personally as well – they do better financially and are healthier.
“As education pays, so do student loans. For our nation, considering the net cost of guaranteed student loans to taxpayers, there simply isn’t a better investment – in human capital, civic responsibility and good health. Moreover, for young people personally there could hardly be a better investment.
“Education Pays Update 2005 makes clear that cutting student loans is penny wise and pound foolish.”
* Education Pays Update 2005 PDF
America’s Student Loan Providers represents education and financial firms and organizations that provide federally guaranteed student loans through the Federal Family Education Loan Program (FFELP), a public-private partnership of schools, students, loan providers, loan guarantors, and the federal government. By leveraging private financial markets and competing for the right to lend to students, the FFELP brings value to students, schools, and taxpayers. Students benefit through lower interest rates, and simplified loan application and approval processes. More information is available at www.aslp.us.
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