McNerney Backs Effort to Ensure Access to Federal College Loans
April 18, 2008
Washington, D.C. – Today, Congressman Jerry McNerney (CA-11) voted to ensure that students and families who need federal loans to pay for college will continue to be able to access them, despite turmoil in U.S. financial markets.
The Ensuring Continued Access to Federal Student Loans Act of 2008, H.R. 5715, which carries no new cost for taxpayers, was passed by a vote of 383-27, a large bipartisan majority.
“The ticket to ensuring our nation’s economic leadership in the world is having an educated workforce,” said Rep. McNerney. “So many families here in Northern California and across the country rely on federal loans to help finance a college education. In order to keep a college education in reach, we have to make sure families can borrow the money they need.”
H.R. 5715 would provide new protections to ensure that families have timely, uninterrupted access to federal college loans in the event that stress in the credit markets leads a significant number of lenders to substantially reduce their activity in the federally guaranteed student loan program.
Specifically, the Ensuring Continued Access to Federal Student Loans Act of 2008 would: