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News Now

Washington
In letter CUNA opposes elimination of FFELP
WASHINGTON (9/17/09)--The Credit Union National Association (CUNA) in a letter sent Wednesday to House Speaker Nancy Pelosi and other members of Congress expressed concern at the potential elimination of the Federal Family Education Loan Program (FFELP), stating that the elimination of this private student funding would remove a “valuable option” for students. H.R. 3221, the Student Aid and Fiscal Responsibility Act of 2009, which would terminate FFELP, is on the House floor this week. CUNA has lobbied against the bill. CUNA President/CEO Dan Mica urged legislators to “retain the FFELP program,” adding that the program is an “important service” for credit unions that provide student loans. Over 1,000 credit unions provide student loans, according to CUNA, with a particular concentration among credit unions that base their membership around a university. Credit unions that provide direct student loans also provide individualized service and support to loan holders, but these services would be jeopardized if the FFELP is discontinued. The Obama administration has estimated that eliminating the subsidies provided under FFELP could save over $4 billion, annually. A portion of that $4 billion surplus could then be loaned directly to low-income students through need-based Pell Grants, the administration has claimed.


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