Last week, I supported the Ensuring Continued Access to Student Loans Act of 2008, because this landmark legislation provides new protections to ensure that families can continue to access the loans they need to pay for college. For instance, it reduces borrowers’ reliance on costlier private college loans, encourages responsible borrowing, and gives parent borrowers more time to begin paying off their federal PLUS college loans. In addition, the legislation helps struggling homeowners to pay for college, as it would temporarily classify delinquencies on home mortgages of up to 180 days, making it possible for parents feeling strained by the current housing market to secure loans for their children.

In this time of economic uncertainly, it is critical that we make sure that our nation’s students can continue to fund their education, so that we strengthen our future workforce in this globalizing world. I believe that with the current credit climate this legislation is important as it bolsters the system in place to provide students with continued access to their federal loans, regardless of the state of the market.

This entry was posted on Monday, May 5th, 2008 at 1:19 pm and is filed under Politics, Economy/Budget .