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FDIC Consumer News
Important Update: FDIC Insurance Coverage Increased in Late 2008
In the fall of 2008, Congress temporarily increased the basic FDIC insurance coverage limit from $100,000 to $250,000 through December 31, 2009. In addition, the FDIC simplified the rules for the calculation of deposit insurance coverage for revocable trust deposits, including an expanded definition of the "eligible beneficiaries" for additional insurance coverage. As a result, certain previously published information related to FDIC insurance may not reflect the current insurance coverage. For more information, go to www.fdic.gov/deposit/deposits/index.html or call toll-free 1-877-ASK-FDIC (1-877-275-3342) Monday through Friday, 8:00 a.m. to 8:00 p.m., Eastern Time. For the hearing-impaired, the number is 1-800-925-4618.
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Fall 2007
New Law to Reduce Student Loan Costs
On September 27, President Bush signed a new law intended to make a college education more affordable for low- and middle-income families by making changes in federal student loan programs.
One provision of the College Cost Reduction and Access Act would gradually cut in half the interest rates on subsidized Stafford loans during the next five years. Another new program, to start in 2009, will give eligible borrowers (based on their income or a financial hardship) more flexibility when making loan repayments.
Look for details in the coming months at www.students.gov, a U.S. government Web site for college students and their families.
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