(WASHINGTON, DC) – President Obama’s plan to eliminate all private sector involvement in college loans would be blocked under legislation introduced today by House Republican Conference Secretary John Carter.

"We have had a good public-private college loan system in place since 1965 that has provided funding for over 60 million Americans to attend college," says Carter. "To answer success like that by proposing we destroy the system makes no sense for students or higher education."

The Federal Family Education Loan Program (FFELP) last year alone provided college loans for 6.4 million students at 5,000 schools, and has been the overwhelming student loan program of choice for colleges and students, especially among Texas schools and students. The public-private option program competes against the Federal Direct Lending Program (FDLP).

President Obama’s FY2010 budget calls for the elimination of FFELP and the forcing of all students and schools into the government (FDLP) plan.

The Carter bill prohibits federal funds from being used to eliminate private sector partnerships in the college loan program. It was introduced as an amendment to the Labor, Health, and Human Services and Education (LHHS) FY2010 Appropriations Bill.