Press Releases
Brendan Daly/Nadeam Elshami
202-226-7616
05/09/2007
Pelosi Statement on the Passage of the Student Loan Sunshine Act
Washington, D.C. – Speaker Nancy Pelosi released the following statement today on H.R. 890, the Student Loan Sunshine Act, which passed by a vote of 414 to 3:
“Today, the House will take much needed action to clean up the student loan industry and ensure that students and their families can trust the student aid system they rely on to afford college.
“Corrupt practices among lenders, schools, and public officials have undermined our student loan programs. At a time when students and their families are facing mountains of debt to earn a higher education, some lenders are filling their pockets. Today, the cozy and unethical relationship between these lenders and school officials, paid for on the backs of our nation’s young people, will come to an end.
“The Student Loan Sunshine Act takes crucial steps to re-establish trust in schools, guarantee loan options for students, ensure equal and timely processing of loans, give students full and fair information when taking out and repaying loans, and protect students from aggressive marketing practices.
“House Democrats are committed to making college more accessible to all Americans. This bill is an essential step to ensure that the student loan system best serves our students and their families.”