Student Loan - Loans and Debt Consolidation
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OBAMA BILL WILL EASE STUDENT LOAN BURDEN NYU WASHINGTON SQUARE NEWS
Say goodbye to a frustrating loan process. The Student Aid and Fiscal Responsibility Act, if passed, will make the governments student aid programs more efficient and reliable.
The legislative proposal was passed last year by the House of Representatives and is held up in the Senate.
If the bill would take into effect in July 2010 and would eliminate Federal Family Educational Loan, a program that subsidizes banks that fund student loans.
That would save the federal government $87 billion by eliminating the fees it would have to pay when receiving money from private banking lenders to finance student loans.
The government would reinvest this $87 billion into student loan programs that would allow it to rais Pell Grants and lower interest rates on need-based federal student loans. This would streamline the student loan process and re-establishing American leadership in college graduation rates by 2020.
During the State of the Union Address, President Obama explained the goals of the act.
According to Roberto Rodriguez, special assistant...[more]
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