May 1, 2008 - House and Senate Pass Ensuring Continued Access to Student Loans Act of 2008
The House of Representatives and the Senate this week passed the Ensuring Continued Access to Student Loans Act of 2008 and cleared it to the White House where President Bush is expected to sign it into law. Some of the highlights of the legislation are:
There will be an increase of $2,000 to the maximum annual unsubsidized Stafford loan amounts that may be provided to undergraduate students under the Federal Family Education Loan (FFEL) program. Dependent undergraduates will be allowed to borrow up to $31,000 in total and independent undergraduates up to $57,500 through their college years.
Parents who borrow through the Federal PLUS Loan program will be able to defer loan principal repayment for up to six months after their student has graduated or stops carrying at least one-half the normal full-time academic workload.
More news for PLUS borrowers. Those who are no more than 180 days delinquent on their home mortgages, and no more than 89 days delinquent on the repayment of any other debt, who normally would be ineligible for the loans due to their adverse credit history will be able to meet a specified extenuating circumstances requirement making them eligible for the loans. This section will cover loans made between July 2008 and June 2009.
The Department of Education may designate certain guaranty agencies to be lenders-of-last-resort and appropriate the necessary funding to them.
The bill passed the Senate by unanimous consent on April 30 and the House by a vote of 388-21 on May 1.
Recently updated pages at college-loans.us include College Loan News
Technorati Tags: College Loans Financial AidPaying for College Ensuring Continued Access to Student Loans Act of 2008 Stafford Loans
The House of Representatives and the Senate this week passed the Ensuring Continued Access to Student Loans Act of 2008 and cleared it to the White House where President Bush is expected to sign it into law. Some of the highlights of the legislation are:
There will be an increase of $2,000 to the maximum annual unsubsidized Stafford loan amounts that may be provided to undergraduate students under the Federal Family Education Loan (FFEL) program. Dependent undergraduates will be allowed to borrow up to $31,000 in total and independent undergraduates up to $57,500 through their college years.
Parents who borrow through the Federal PLUS Loan program will be able to defer loan principal repayment for up to six months after their student has graduated or stops carrying at least one-half the normal full-time academic workload.
More news for PLUS borrowers. Those who are no more than 180 days delinquent on their home mortgages, and no more than 89 days delinquent on the repayment of any other debt, who normally would be ineligible for the loans due to their adverse credit history will be able to meet a specified extenuating circumstances requirement making them eligible for the loans. This section will cover loans made between July 2008 and June 2009.
The Department of Education may designate certain guaranty agencies to be lenders-of-last-resort and appropriate the necessary funding to them.
The bill passed the Senate by unanimous consent on April 30 and the House by a vote of 388-21 on May 1.
Recently updated pages at college-loans.us include College Loan News
Technorati Tags: College Loans Financial AidPaying for College Ensuring Continued Access to Student Loans Act of 2008 Stafford Loans
Labels: college loans, financial aid, paying for college, stafford loans, student loans
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