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Feds to extend student loan purchases
WASHINGTON (12/3/08)—The government has announced that it will purchase additional loans under the authority granted under the Ensuring Continued Access to Student Loans Act of 2008. Under that authority the Department of Education may purchase, or enter into forward commitments to purchase, certain Federal Family Education Loan Program (``FFELP'') loans, such as subsidized and unsubsidized Stafford loans and PLUS loans. Those loans may be purchased on terms determined by Secretary of Education, the Secretary of the Treasury, and the Director of the Office of Management and Budget to be “in the best interest of the United States'' and that ``shall not result in any net cost to the Federal Government (including the cost of servicing the loans purchased).'' According to a recent Federal Register document, the Education Secretary initially exercised the purchase authority in this summer. The notice announcing the plan to purchase additional loans does the following:
* Establishes the terms and conditions that will govern certain additional loan purchases made under the amended Higher Education Act; * Outlines the methodology and factors that have been considered in evaluating the price at which the Education Department will purchase these additional FFELP loans, and * Describes how the use of those factors and methodology will ensure that the additional loan purchases do not result in any net cost to the federal government.
Use the resource link below to read the Federal Register announcement.
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