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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.”
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