Yesterday, House Republicans and Democrats united to save the imperiled student loan program, voting 383-27 to pass the Ensuring Continued Access to Student Loans Act, which would allow dependent students to borrow a total of $31,000 through federal programs to pay for undergraduate education, up from $23,000.
Independent students could borrow $57,500, up from $46,000. The bill would also give the Education Department the ability to buy federally guaranteed loans from private lenders, giving banks cash to make new loans.
“This bill is a first step to prevent a crisis before it happens,” Representative Howard (Buck) P. McKeon (R-CA), said in a speech on the House floor. “And its consideration comes not a moment too soon.”
Rep. McKeon, the ranking Republican on the House, had earlier noted the problem in a press release:
The turmoil in our nation’s financial markets has spread to the federal student loan program, creating uncertainty among students and families preparing for the coming school year. Congress has an obligation to act quickly in the face of these challenges to restore market confidence and assist those borrowers grappling with a weakened economy.
The Ensuring Continued Access to Student Loans Act represents the first concrete, legislative steps to address weaknesses in the student loan market. Though it is not the final word on market restoration, this bill will begin to restore investor confidence, address liquidity shortages, and most importantly, provide assistance to student and parent borrowers.
Market instability coupled with the deep funding cuts enacted last year has created a perfect storm for the student loan programs in which investor confidence has been shaken and program viability has been called into question. Although I continue to harbor serious concerns about the reduction in federal support for student loans, I believe the legislation introduced today will send a powerful signal that Congress continues to support a strong, stable student loan program now and into the future.
Thank God for the overwhelming majority of Republicans and Democrats like Buck McKeon who actually care about the scary situation facing middle-class families who must deal with the incredibly expensive costs of higher education.
As a college teacher and administrator for 33 years, I've seen student seen more than one student cry because she couldn't come back for another term due to lack of money.
But Rep. Jeff Flake couldn't care less about helping families afford college expenses.
That's why he was one of only 27 House members to tell the student loan program to drop dead.
Some of us want to lower or eliminate interest on student loans. Rep. Jeff Flake, on the other hand, simply has no interest in student loans.
The very idea of government helping students and parents offends his extremist laissez-faire ideology.
Jeff Flake flunks a bunch of courses that a congressman should at least get a C in: Compassion, Concern and Common Sense.
Jeff Flake doesn't care about you or your kids.
Jeff Flake knows his own future, and his seat in the corridors of power, is safe.
Maybe next November will be the time to teach him a lesson.
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