Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

Washington
House committee favors direct student loans over FFELP
WASHINGTON (7/23/09)--The House Committee on Education and Labor on Tuesday voted to convert all federal student loans created after June 10, 2010 to “the stable, effective and cost-efficient Direct Loan program.” H.R. 3221, The Student Aid and Fiscal Responsibility Act of 2009, passed 30 to 17 in a committee vote, and will now move on to the full House. The legislation will also invest $40 billion in educational grants, increasing the maximum amount awarded through individual annual Pell Grants to $5,500 per scholarship in 2010 and $6,900 per scholarship in 2019. Federal student aid applications will also be simplified under the legislation. As previously reported, the legislation does eliminate the Federal Family Education Loan Program (FFELP), a program that currently allows over 1,000 credit unions to provide student loans to their members. The Credit Union National Association in a recent letter urged legislators to retain the FFELP, stating that these privately serviced student loans and the resulting customer support were “valuable option(s)”to students in need of educational funding.


RSS print
News Now LiveWire
July 's Fed Bank's "FedFocus" has some interesting articles: incl cost/benefits of $1 currency 2 coin conversion ttp://tinyurl.com/nybmnhh
1 Day ago
Do you wish you were a News Now subscriber? Go here: http://t.co/7evfBSjeMx
1 Day ago
Financial education for student body key part of Altura #creditunion, UC-Riverside partnership #NewsNow http://t.co/Xp6OJd66o6
1 Day ago
.@VTcreditunions gains 200 new FB followers in just 2 wks to reach 1,000 http://t.co/I89xJcv4Jg
1 Day ago
.@CUNA is testifying on reg relief Tues,July 15 at 2 p.m. be4 Hs Fin Serv Subc. Here is the agenda and witness list: http://t.co/yBRhlmdqHt
1 Day ago