Thank you for your support of our campaign to keep student loans local and preserve student choice!
As you may know, Congress announced on Monday, April 27, 2009 agreement on the President’s budget for 2010. We are pleased to see Congress included the following “Sense of Congress on College Affordability and Student Loan Reform” in the President’s budget proposal:
“It is the Sense of Congress that –
(1) nothing in the resolution should be construed to reduce any assistance that makes college more affordable and accessible for students, including but not limited to student aid programs and services provided by nonprofit State agencies and private lenders;
(2) private and non-profit lenders, originators, and loan servicers help students plan for, apply to, and pay for post-secondary education and training;
(3) any reform of the federal student loan programs to ensure that students have reliable and efficient access to federal loans should include some future role for the currently involved private and non-profit entities, including state non-profits with 100% FFEL lending in the State, and capitalize on the current infrastructure provided by private and non-profit entities, in order both to provide employment to many Americans during this time of economic distress and to maintain valuable services that make post-secondary education more accessible and attainable for many Americans; and
(4) therefore, pursuant to any changes to the student loan programs, loan processing, administration, and servicing should continue to be performed, as needed, by for-profit and non-profit entities.” – FY10 Concurrent Budget Resolution, sec. 605.
While specific details are not yet available, we are encouraged that our message was heard and many of the valuable benefits and services contained in the FFEL Program will continue. Our thanks to the thousands of individuals who have voiced their support for CSLF and other FFEL institutions nationwide.
Please continue making your voice heard in Washington. Communicate frequently with the Congress and the President. Read More…