House Committee on Education and Labor
U.S. House of Representatives
Republicans
Rep. Howard P. “Buck†McKeon
Ranking Member
Fiscally responsible reforms for students, workers and retirees.
NEWSROOM
Press Release
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FOR IMMEDIATE RELEASE |
CONTACT: Alexa Marrero |
McKeon Statement on Student Loan Liquidity Proposals by Education and Treasury Departments
WASHINGTON, D.C. – Responding to an announcement today by U.S. Secretary of Education Margaret Spellings and U.S. Secretary of the Treasury Henry Paulson regarding their proposal to ensure the continued availability of federal student loans, Rep. Howard P. “Buck” McKeon (R-CA), the senior Republican on the House Education and Labor Committee, issued the following statement:
“I want to thank Secretaries Spellings and Paulson for acting quickly to implement H.R. 5715, legislation Congress passed as a first step toward addressing the difficulties in the student loan marketplace.
“We’re in uncharted territory, trying to undo the damage that has been done to our student loan program through the double-whammy of crippling funding cuts and a tumultuous financial market. I am hopeful that today’s announcement will be sufficient to shore up the program and ensure students are able to benefit from a strong FFEL program this coming academic year and into the future. But we won’t really know whether enough has been done until this summer, when students and parents are actively seeking loans for the coming school year.
“That’s why I believe we must continue to monitor the situation for students, families, and schools, and be willing to take further action should it become necessary. Today’s announcement was a critical first step, but it is unlikely to be the final word on our efforts to ensure student loan access."
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