The Ensuring Continued Access to Student Loans Act gets through first round in Congress.
On April 17th, the House of Representatives passed the "Ensuring Continued Access to Student Loans Act", (H.R. 5715). That bill now heads to the Senate.
You can read the bill here... (opens in a new window)
Citing turmoil in the U.S. credit markets making it difficult for some lenders in the federally guaranteed student loan program to secure the capital needed to finance college loans, the House now wants the federal government to make sure that contingency plans are in place that would provide students and families with continued, uninterrupted access to federal loans, regardless of what’s happening in the credit markets.
The Ensuring Continued Access to Student Loans Act would provide new protections, in addition to those in current law, so families can continue to access the loans they need to pay for college and:
*Reduce borrowers’ reliance on costlier private college loans and encourage responsible borrowing
*Give parent borrowers more time to begin paying off their federal PLUS college loans
*Help struggling homeowners pay for college
*Provide the U.S. Secretary of Education additional tools to safeguard access to student loans
Learn more about student loans here:
Student Loan Repayment Options
Qualifying For Student Loan Deferment
How To Recover From Student Loan Default