Wexler Votes to Increase Student Loan Funding
House Passes the Ensuring Continued Accesst to Student Loans Act of 2008

Today Congressman Wexler voted in support of H.R. 5715, the Ensuring Continued Access to Student Loans Act of 2008.  The bill passed by a margin of 383 to 27. The legislation directly responds to the struggling US credit market, which has caused some federal lenders to scale back their lending activity.  By ensuring that students and families have uninterrupted access to federal loans in the current struggling economy, this legislation reduces the need to take out costlier private loans. 

H.R. 5715 also increases the amount of money students can borrow from the federal government.  Current law allows dependent undergraduates to borrow up to $23,000 in federal loans and independent undergraduates to borrow up to $46,000 in total loans.  This legislation increases the annual loan limits by $2,000 for all students, and increases the aggregate loan limits to $31,000 for dependent undergraduates and $57,000 for independent undergraduates. 

This legislation also gives parents more time to begin paying off their federal PLUS loans by extending the repayment requirement from 60 days following disbursement of the loan to up to 6 months after their children leave school.  H.R. 5715 also temporarily classifies delinquencies on home mortgages as extenuating services, which will help parents struggling with homeowners qualify for PLUS loans. 

Access full text of the bill.

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