Student Loan Reform Vote Scheduled for Thursday
Care about student loan reform? Write to your Representative today, before they vote tomorrow!
HR 3221, the Student Aid and Fiscal Responsibility Act of 2009, was up for House discussion today and is expected to be taken to a vote tomorrow.
If passed, HR 3221 will eliminate the FFEL Program, which involves government subsidies to private lenders making federally-guaranteed loans, and replace it with an expansion of the government’s Direct Loan Program. This change is expected to generate $87 billion in savings over the next decade, the balance of which would be used to expand student grants, reduce interest rates on Direct Loans, and reduce the federal budget deficit.
For more information about the bill and its importance, look at our previous blog posts on the topic here and here. You can also read about the issue in an editorial featured in today’s New York Times.
If you haven’t already done so, please write to your Representative today and ask them to support HR 3221. Your words could make a huge difference in the fight for student loan reform.
(Photo: Michel Filion)