[Oasfaa] Current Legislation

[Nancy Moats]

John Jefferson, President of AASFAA (Arkansas), sent this out this morning.
Since none of us believe in reinventing the wheel, and who has time anyway,
I obtained his permission to forward this to our organization as well.
Timing is crucial, so please communicate your concerns, if you agree.  nm

 

Dear OASFAA Colleagues, 

As you know on September 18th the House passed the Student Aid and
Responsibility Act of 2009 (H.R. 3221) and the Health, Education and Labor
Committee (HELP) is beginning the process to mark up their bill in the
Senate. Now would be the time to act if you feel strongly about the
provisions in H.R. 3221. Two of the major changes within H.R. 3221 center on
the delivery of federal student loans to our students. First, of course, is
the elimination of the FFELP programs and the migration of the federal loans
program to the Direct Loan Program. The second major change is the
elimination of the current Perkins loan program as we know it and the
introduction of a new loan type, the Federal Direct Perkins Loan, under the
existing Direct Loan program. 

Right now under the House bill the effective date for these two significant
changes is July 1, 2010. The highest concern is the lack of lead time needed
by over 4500 institutions nationwide to convert to the Direct Loan Program.
The Student Loan Community Proposal (www.studentloanfacts.org
<http://www.studentloanfacts.org/>  ) endorses all of the core principles of
the Administration's reform effort while maintaining choice, competition and
superior service for students, without requiring the transition of systems.
This proposal was submitted to Congress and scored by the Congressional
Budget Office (CBO).  The CBO concluded that mandatory savings of $87
billion can be achieved by either the community proposal or H.R. 3221, the
Student Aid and Fiscal Responsibility Act of 2009.  

If a July 2010 implementation of elimination of the FFELP Program concerns
you, I would urge you to communicate your concerns to our senators now.  If
you are so inclined to make some calls, I am attaching a list of the
senators that are members of the HELP Committee as well.

The following link will give you contact information for the Oklahoman's
representing us in the U.S. Congress.  It is suggested that any letters be
faxed to the D.C. office since timing is such a factor.

http://www.odl.state.ok.us/usinfo/congress/index.htm 

 

Nancy Moats, President

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