Press Release

COALITION: PRESIDENT’S STUDENT LOAN PROPOSALS HELP STUDENTS AND FAMILIES

Following is a statement by the Coalition for Better Student Loans, a unique coalition of financial aid administrators, parents, loan providers and organizations representing more than 2,000 colleges and universities. The Coalition recently submitted proposals to Congress designed to increase access to higher education for more low- and middle- income students. The five-part proposal is designed to lower the cost of borrowing when students get to college, ensure funding adequate to meet educational expenses while enrolled, and make it easier to repay loans when they graduate from college. This statement was released in response to the announcement of the President's FY2005 Budget proposal.

"The Coalition for Better Student Loans congratulates the President on his proposals to improve federal student loan programs. It is clear that he recognizes that the current federal loan programs do not meet the needs of today's students and families. While much more needs to be done in both loan and grant programs for students, his proposals represent an important first step in bringing the federal student loan programs up to date with the reality of student costs, and a number of them track those made by the Coalition for Better Student Loans.

The President has laid the groundwork for Congress to consider needed reforms in the federal student loan programs. We thank him, and it is our hope that the Congress will make the enhancement of federal student aid programs a central element of its reauthorization of the Higher Education Act this year.”

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The Coalition for Better Student Loans is a group of financial aid administrators, parents, loan providers and organizations representing more than 2,000 colleges and universities which are working together to improve the federal student loan program and increase access to higher education for more students. The group is composed of the American Council on Education (ACE), Association of American Universities (AAU), College Parents of America (CPA), Consumer Bankers Association (CBA), Education Finance Council (EFC), National Association of Independent Colleges and Universities (NAICU), National Association of State Universities and Land-Grant Colleges (NASULGC), National Association of Student Financial Aid Administrators (NASFAA), National Council of Higher Education Loan Programs (NCHELP), and Sallie Mae. More information is available at www.betterstudentloans.org.