Word: loans
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Kevin T. Bruns, a spokesman for ASLP, said that lawmakers are omitting the costs associated with administration of the loan program...
Proponents of the STAR act brought the bill to the floors of the House and the Senate yesterday, saying that by cutting back on the use of commercial loan firms, the government can generate increased profits to use for scholarships, without any cost to taxpayers...
Kennedy said that, if passed, the bill would offer colleges an additional $1,000 for each student receiving a Pell Grant—a government-backed scholarship for low-income students—if the institution switches from the privately funded Federal Family Education Loan Program (FFELP) to the federally managed program...
...since 1998, 500 universities have left the federally managed loan program for private-sector student loan firms, according to America’s Student Loan Providers (ASLP), an organization representing more than 80 firms that use the privately funded FFELP...
Opponents of the bill point to recent studies by PricewaterhouseCoopers and the Congressional Budget Office, which they say indicate that the federally managed loan program is actually costing the government more money than is being advertised...