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
Of $1.3B in payments through mobile devices, 90% occurred at @Starbucks stores http://t.co/MN49JR1NXK
10 hours ago
.@LoveBethpage 1st to launch mobile debit/credit card control from @COOPFS http://t.co/kuq7onGuai
11 hours ago
A booming W Okla county gets its first #creditunion @TheHEFCU See #NewsNow http://t.co/svTyMnms0X
13 hours ago
Mortgage interest rates continue slide in September @FHFA http://t.co/agU9RJW5Kq
15 hours ago
Reimagined branches shift to member, not #creditunion, needs: @cunacouncils white paper http://t.co/lN2mu0IVar
17 hours ago