Ensuring Continued Access to Student Loans
Last Updated February 4, 2009
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The Department of Education is committed to ensuring that every eligible student and his or her parents are able to obtain the federal student loans they need to meet educational expenses. For the upcoming academic year, an estimated 8.5 million borrowers will receive approximately $72 billion in federal student loans to help meet educational expenses for attendance at colleges, universities, and other postsecondary educational institutions.
We are also committed to designing programs that respect and support the current FFEL Program as a successful public/private partnership. For this reason, we have been closely monitoring developments in the financial markets that have had a significant impact on the ability of lenders to make FFEL Program loans.
Recently enacted legislation, the "Ensuring Continued Access to Student Loans Act of 2008" (Pub. Law 110-227) (ECASLA), provides the Department of Education with new authority to address concerns about the availability of FFEL Program loans for the upcoming academic year. Our plan is designed to provide viability in the marketplace for lenders who continue to make loans in this difficult environment.
This site provides links to information we have posted related to the passage and implementation of this legislation. Please check this page regularly for additional information.
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