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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.


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