Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

Washington
Govt student loans a valuable option CUNA says
WASHINGTON (7/21/09)--The Credit Union National Association (CUNA) in a Monday letter to Congress urged legislators to retain the Federal Family Education Loan Program (FFELP), a program that allows over 1,000 credit unions to provide student loans to their members. As currently written, H.R. 3221, The Student Aid and Fiscal Responsibility Act of 2009, would eliminate the FFELP program. The bill is scheduled for a House Committee on Education and Labor markup later today. In the letter, which was sent to House committee chairman George Miller (D-Calif.) and ranking member John Kline (R-Minn.), CUNA President/CEO Dan Mica said that CUNA was “concerned” by the prospect of eliminating the FFELP program. The elimination of this program would prevent some credit unions that specialize in educational loans and provide “much needed and individualized assistance if difficulties arise with regard to loan repayments” from offering the “valuable option(s)” to students. Over the last several years Congress has identified, and enacted legislation to address, several problems in the private student lending market. CUNA added that congressional remedies to issues in the private student lending market have “affected” credit unions that were “neither the target of the legislation nor the source of the problems,” with many credit unions having ceased to offer student loans and associated services to their members “as a result of the amendments to the Higher Education Act enacted last year.”
Other Resources

RSS print
News Now LiveWire
NCUA confirmed earlier indications that there would be no National Credit Union Share Insurance Fund premium for 2014.
11 hours ago
.@NJCUL supported prized-linked savings legislation introduced in New Jersey state Senate.
11 hours ago
#creditunions emphasize co-op principles during National Co-op Month #NewsNow http://t.co/zEb9UFot1N
17 hours ago
Servicemember's spouse drives away with Bank on More's SUV thanks to #missouri #creditunions http://t.co/WvTrKxh0sV
19 hours ago
From @FHFA this a.m.: U.S. house prices up 0.5% in Aug. on seasonally adjusted basis from previous month. More here: http://t.co/1yVDOPggeX
20 hours ago