ERNEST714
05-01-2008, 05:38 PM
I have no idea where these rumors get started but I do know they are circulating at Unibe if not other schools. To allay fears about Federal Loans being curtailed and leaving students stranded in pursuit of their education...... this was just published today, 1 May, in USA Today.
Congress passes student loan bill
WASHINGTON (AP) — Congress gave final approval Thursday to legislation aimed at ensuring the problems in the credit markets don't prevent students from getting college loans.
The House passed the legislation in a 388-21 vote, one day after the Senate approved it. President Bush is expected to sign the measure.
"Today's vote will help ensure that students' dreams of going to college aren't sidelined by the turmoil in the credit markets," said Rep. George Miller, D-Calif., chair of the House education committee.
The legislation increases limits on how much borrowers can receive in federally subsidized student loans.
That should decrease student reliance on more expensive private loans. Some students have had trouble getting those non-federal private loans because lenders have left the market in recent months due to the credit crunch.
Dozens of lenders also have stopped making loans in the federal program. However, where that has happened, other lenders have stepped in or students have received support through a smaller program in which the Education Department loans money directly to students.
"Our legislation guarantees that low cost college loans will continue to be available with government help, no matter what happens in the private loan market," said Massachusetts Democrat Edward Kennedy, chair of the Senate education committee.
The legislation attempts to make it easier for parents to take out federal loans for their children's education by allowing parents to defer repayments until after their children leave school.
The legislation also nudges up grant aid to poor students and gives the Education Department the authority to buy up loans from student lenders to ensure they have access to capital and can keep issuing loans.
Congress passes student loan bill
WASHINGTON (AP) — Congress gave final approval Thursday to legislation aimed at ensuring the problems in the credit markets don't prevent students from getting college loans.
The House passed the legislation in a 388-21 vote, one day after the Senate approved it. President Bush is expected to sign the measure.
"Today's vote will help ensure that students' dreams of going to college aren't sidelined by the turmoil in the credit markets," said Rep. George Miller, D-Calif., chair of the House education committee.
The legislation increases limits on how much borrowers can receive in federally subsidized student loans.
That should decrease student reliance on more expensive private loans. Some students have had trouble getting those non-federal private loans because lenders have left the market in recent months due to the credit crunch.
Dozens of lenders also have stopped making loans in the federal program. However, where that has happened, other lenders have stepped in or students have received support through a smaller program in which the Education Department loans money directly to students.
"Our legislation guarantees that low cost college loans will continue to be available with government help, no matter what happens in the private loan market," said Massachusetts Democrat Edward Kennedy, chair of the Senate education committee.
The legislation attempts to make it easier for parents to take out federal loans for their children's education by allowing parents to defer repayments until after their children leave school.
The legislation also nudges up grant aid to poor students and gives the Education Department the authority to buy up loans from student lenders to ensure they have access to capital and can keep issuing loans.