House Votes on Student Loan Bill Today


September 17, 2009
by Scholarships.com Staff
The House of Representatives is poised to vote today on legislation to eliminate the Federal Family Education Loan Program and increase funding for Federal Pell Grants. The bill, currently known as the Student Aid and Fiscal Responsibility Act of 2009, is widely expected to be approved by the House, possibly with some amount of bipartisan support.  While most of the provisions in the bill have relatively widespread backing, one element has generated a fair amount of controversy. Under the proposed legislation, all federal student loans, such as Stafford Loans and Plus Loans, originated after July 1, 2010 would be part of the Federal Direct Loans Program, rather than the current bank-based system.

The House of Representatives is poised to vote today on legislation to eliminate the Federal Family Education Loan Program and increase funding for Federal Pell Grants. The bill, currently known as the Student Aid and Fiscal Responsibility Act of 2009, is widely expected to be approved by the House, possibly with some amount of bipartisan support.  While most of the provisions in the bill have relatively widespread backing, one element has generated a fair amount of controversy. Under the proposed legislation, all federal student loans, such as Stafford Loans and Plus Loans, originated after July 1, 2010 would be part of the Federal Direct Loans Program, rather than the current bank-based system.

While initially both sides appeared ready for battle over the proposed legislation, controversy and rhetoric have cooled since the legislation was introduced. Alternative proposals that preserve some element of FFEL or otherwise grant a larger role to banks than in the bill currently before Congress have been proposed, but ultimately failed to generate the savings the Congressional Budget Office estimates this plan to carry, and thus have gained little momentum. Some Representatives still suggest submitting the proposal for further study and reviewing alternatives, but the plan to eliminate FFEL has gained the most widespread support.

Many Republican lawmakers still oppose the proposal to switch entirely to Direct Loans, with some making comparisons to the bank bailouts of earlier this year and the healthcare legislation currently being debated. The move to direct lending has also been repeatedly framed as eliminating choice for students, though the choice of direct loans versus bank-based loans has always rested with colleges and never with student borrowers.

Despite these objections, though, the bill appears to have the support necessary to pass the House and move on to the Senate, where it may face greater challenges. The option of passing it through the process of budget reconcilliation, which requires only a majority vote in the Senate, has been proposed, but whether the Senate goes that route remains to be seen.

Getting more college financial aid doesn’t have to be a relentless search. Scholarships.com is totally free. Connect with our massive database of millions of college scholarships at any time by searching for awards in a variety of ways. Scholarships.com offers the quickest and easiest way to search for, apply to, and win college scholarships. Start making your college education affordable or perhaps even free, by conducting a free college scholarship search at Scholarships.com.

Discuss

Share your thoughts and perhaps thousands of students will benefit from your unique insight on the subject!



If you can read this, don't touch the following fields


 

    When it comes to earning scholarships for college, some students have the go big or go home mentality and chase the big buck scholarship opportunities. Landing a huge scholarship may take more work - meaning more time spent on the application process and essays, needing strong recommendation letters and competing against a pool of highly-qualified students. If you're motivated to land a large dollar scholarship that can potentially pay for your entire college tuition, check out these generously-endowed scholarships:

Large Dollar Scholarships

June 23, 2017 11:01 AM
by Susan Dutca
When it comes to earning scholarships for college, some students have the "go big or go home" mentality and chase the big buck scholarship opportunities. Landing a huge scholarship may take

    Everyone knows big-name companies such as Google or Coca-Cola...but did you know that these companies also offer scholarship opportunities to help you pay for college? That's right! If you love these quality products and services, you may be interested these generously-endowed scholarships. Check out this list of brand name scholarships offered by the companies with which you are most familiar:

Brand Name Scholarships

June 22, 2017 2:44 PM
by Susan Dutca
Everyone knows big-name companies such as Google or Coca-Cola...but did you know that these companies also offer scholarship opportunities to help you pay for college? That's right! If you love

    Independence Day, also known as the Fourth of July, is the day in which we celebrate America's independence and freedom. Education has been, and will always be a great equalizer. Even though college can be expensive, it is still a fast track towards the American Dream and can be more easily attained with the help of financial aid in the form of grants and scholarships - which do not have to be repaid! Exercise your freedom this July and help make your college education dreams more affordable with these red, white and blue July 2017 scholarships:

July 2017 Summer Scholarships

June 22, 2017 11:43 AM
by Susan Dutca
Independence Day, also known as the Fourth of July, is the day in which we celebrate America's independence and freedom. Education has been, and will always be a great equalizer. Even though
POTUS Donald Trump is pushing for apprenticeship programs and intends to support the initiative with an apprenticeship grant program of up to $200 million, with special emphasis on industries such as information technology,  healthcare, and manufacturing. The college alternative initiative hopes to attract and prepare students for great careers that do not require a four-year degree or the massive debt that often comes with those four-year degrees and even two-year degrees.

POTUS Pushing Apprenticeship Programs, Grants in 2017

June 14, 2017 11:16 AM
by Susan Dutca
POTUS Donald Trump is pushing for apprenticeship programs and intends to support the initiative with an apprenticeship grant program of up to $200 million, with special emphasis on industries such as

    Summer is finally here and fall semester may be the last thing on your mind right now. However, you may be one of the many students who need to work a summer gig, save up, or rely on your parents and student loans to help foot your fall tuition bill. While those are all legitimate options, you now have more free time (and less homework and tests), so why not take advantage of these summer scholarships? It's not too late to earn free college scholarships to help pay for school. Use your downtime wisely by applying for these summer 2017 scholarships!:

Summer 2017 Scholarships

June 2, 2017 3:47 PM
by Susan Dutca
Summer is finally here and fall semester may be the last thing on your mind right now. However, you may be one of the many students who need to work a summer gig, save up, or rely on your

    In support of lesbian, gay, bisexual, transgender, queer (LGTBQ) Pride Month this June, Scholarships.com is adding more color to its themed scholarships with scholarships for LGBTQ students and allies. Scholarships.com is dedicated to bringing equal financial aid and free college scholarship opportunities for all students.

LGBT Scholarships for Pride Month 2017

June 1, 2017 11:42 AM
by Susan Dutca
In support of lesbian, gay, bisexual, transgender, queer (LGTBQ) Pride Month this June, Scholarships.com is adding more color to its themed scholarships with scholarships for LGBTQ students and