{ "id": "RL34452", "type": "CRS Report", "typeId": "REPORTS", "number": "RL34452", "active": false, "source": "EveryCRSReport.com, University of North Texas Libraries Government Documents Department", "versions": [ { "source": "EveryCRSReport.com", "id": 343576, "date": "2009-01-28", "retrieved": "2016-04-07T02:51:06.312340", "title": "The Ensuring Continued Access to Student Loans Act of 2008", "summary": "Federal student loans are made available under two major loan programs authorized under the Higher Education Act (HEA) of 1965, as amended: the Federal Family Education Loan (FFEL) program, authorized by Title IV, Part B, of the HEA; and the William D. Ford Federal Direct Loan (DL) program, authorized by Title IV, Part D, of the HEA. Under the FFEL program, private lenders make loans and the federal government guarantees lenders against loss due to borrower default, death, permanent disability, or, in limited instances, bankruptcy. Under the DL program, the federal government lends directly to students and their families, using federal capital (i.e., funds from the U.S. Treasury). The FFEL program is the successor program to the guaranteed student loan (GSL) program, originally enacted under Title IV, Part B, of the HEA. It is the older and larger of the two major federal student loan programs.\nDuring the first several months of 2008, a number of FFEL program lenders curtailed or ceased their participation in the FFEL program, citing reasons that include difficulties in raising capital through the securitization of student loan debt and reductions in lender subsidies enacted under the College Cost Reduction and Access Act of 2007 (CCRAA; P.L. 110-84). Concerns were raised that if lender participation in the FFEL program decreased substantially or if a substantial portion of lenders ceased lending to students who attend certain institutions of higher education (IHEs), large numbers of students might face difficulty in obtaining FFEL program loans. In addition, concerns were raised about access to borrowing opportunities for students who have come to rely on private (non-federal) student loans because they had exhausted their eligibility for federal student loans.\nLegislation pertaining to federal student loans was active in the 110th Congress. On October 27, 2007, the CCRAA was enacted, which made numerous changes to the federal student loan programs. On May 6, 2008, H.R. 5715, the Ensuring Continued Access to Student Loans Act of 2008 (ECASLA; P.L. 110-227) was enacted to grant the Secretary of Education temporary authority, through July 1, 2009, to purchase student loans made under the FFEL program and to make other programmatic changes. On August 14, 2008, the HEA was amended and extended under the Higher Education Opportunity Act (HEOA; P.L. 110-315). The HEOA amended certain provisions that had been enacted under the ECASLA. The temporary authority of the Secretary of Education to purchase FFEL program loans was extended through July 1, 2010, under P.L. 110-350. The Secretary of Education has established several loan purchase programs under the authority granted by the ECASLA, as amended.\nThis report reviews changes to the federal student loan programs initiated under the ECASLA to address concerns about the continued availability of federal student loans. It will be updated as warranted.", "type": "CRS Report", "typeId": "REPORTS", "active": false, "formats": [ { "format": "HTML", "encoding": "utf-8", "url": "http://www.crs.gov/Reports/RL34452", "sha1": "d8d6cd3a84bd70354aa198c76bd6f53e3052b00a", "filename": "files/20090128_RL34452_d8d6cd3a84bd70354aa198c76bd6f53e3052b00a.html", "images": null }, { "format": "PDF", "encoding": null, "url": "http://www.crs.gov/Reports/pdf/RL34452", "sha1": "4b914bd4d08d949303e8982b51a939e5fe423f96", "filename": "files/20090128_RL34452_4b914bd4d08d949303e8982b51a939e5fe423f96.pdf", "images": null } ], "topics": [] }, { "source": "University of North Texas Libraries Government Documents Department", "sourceLink": "https://digital.library.unt.edu/ark:/67531/metadc817743/", "id": "RL34452_2008Nov25", "date": "2008-11-25", "retrieved": "2016-03-19T13:57:26", "title": "The Ensuring Continued Access to Student Loans Act of 2008", "summary": null, "type": "CRS Report", "typeId": "REPORT", "active": false, "formats": [ { "format": "PDF", "filename": "files/20081125_RL34452_7d4c1af876196b6e57312fcef6e2f6db1d6d8710.pdf" }, { "format": "HTML", "filename": "files/20081125_RL34452_7d4c1af876196b6e57312fcef6e2f6db1d6d8710.html" } ], "topics": [] }, { "source": "University of North Texas Libraries Government Documents Department", "sourceLink": "https://digital.library.unt.edu/ark:/67531/metadc700914/", "id": "RL34452_2008May29", "date": "2008-05-29", "retrieved": "2015-08-27T16:20:31", "title": "Proposals to Ensure the Availability of Federal Student Loans During an Economic Downturn: A Brief Overview of H.R. 5715 and S. 2815", "summary": "This report examines amendments to the federal student loan programs made under P.L. 110-227.", "type": "CRS Report", "typeId": "REPORT", "active": false, "formats": [ { "format": "PDF", "filename": "files/20080529_RL34452_beb7a8f4bea4c4f23525433327e9d794f9643b61.pdf" }, { "format": "HTML", "filename": "files/20080529_RL34452_beb7a8f4bea4c4f23525433327e9d794f9643b61.html" } ], "topics": [ { "source": "LIV", "id": "Student loan funds", "name": "Student loan funds" }, { "source": "LIV", "id": "Federally-guaranteed loans", "name": "Federally-guaranteed loans" }, { "source": "LIV", "id": "College costs", "name": "College costs" }, { "source": "LIV", "id": "Higher education", "name": "Higher education" } ] }, { "source": "University of North Texas Libraries Government Documents Department", "sourceLink": "https://digital.library.unt.edu/ark:/67531/metadc819795/", "id": "RL34452_2008Apr15", "date": "2008-04-15", "retrieved": "2016-03-19T13:57:26", "title": "Proposals to Ensure the Availability of Federal Student Loans During an Economic Downturn: A Brief Overview of H.R. 5715 and S. 2815", "summary": null, "type": "CRS Report", "typeId": "REPORT", "active": false, "formats": [ { "format": "PDF", "filename": "files/20080415_RL34452_1c1bac0877a46f7c7cc6a56b8a3af78c38ab32cd.pdf" }, { "format": "HTML", "filename": "files/20080415_RL34452_1c1bac0877a46f7c7cc6a56b8a3af78c38ab32cd.html" } ], "topics": [] } ], "topics": [] }