Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive
150x172_CUEffect.jpg
Contacts
LISA MCCUEVICE PRESIDENT OF COMMUNICATIONS
EDITOR-IN-CHIEF
MICHELLE WILLITSManaging Editor
RON JOOSSASSISTANT EDITOR
ALEX MCVEIGHSTAFF NEWSWRITER
TOM SAKASHSTAFF NEWSWRITER

News Now

Washington
Student loan bill support slipping in Senate
WASHINGTON (2/2/10)--Legislation that would effectively end government-subsidized support of student lending by credit unions and other financial institutions passed the House with ease last September, but has seemingly stalled in the Senate. The House version of the bill, H.R. 3221, the Student Aid and Fiscal Responsibility Act of 2009, which would terminate the Federal Family Education Loan Program (FFELP) in favor of increased funding for government-run Pell Grant programs, passed the House by a 253-171 vote late last year. While a similar bill has not yet been introduced in the Senate, Sen. Tom Harkin (D-Iowa) is known to support the goals of the bill. The Credit Union National Association last year warned against the consequences of eliminating FFELP, saying that doing so would limit the choices presented to prospective college students. Specifically, the over 1,000 credit unions that provide, service, and support student loans, would likely be forced out of the student loan business. The Obama administration also supports eliminating FFELP, and various estimates indicate that doing so could save the federal government as little as $47 billion or as much as $81 billion over a ten-year period.


RSS





print
News Now LiveWire
CUNA: CUNA offices closed through Friday, News Now returns Monday http://t.co/a5xbLzQKDj
12 24 ago
Reminder: @CUNA's Madison, D.C. offices will be closed through Friday, open again on Monday. #NewsNow will publish Monday.
12 23 ago
MI dentist to match @CUDirect's $20K to @HurleyMedical as a result of #20for20 online voting http://t.co/hqmIc9LpK1 @CMNHospitals
12 23 ago
New #creditunion chartered in St. Louis - #LutheranFCU - by @TheNCUA http://t.co/faPfANGS0P. Only 3rd new FCU charter this year.
12 23 ago
Don't get hacked during the holidays-use these tips from @CUNA http://t.co/jEqxni6NhO #StoptheDataBreaches http://t.co/woIxPOIyys
12 23 ago