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Home / International News / Press Releases / 2007 / January / January 30, 2007
Congress's Student Loan Bill Highlights Need for Understandable Financial Aid Info

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Congress's Student Loan Bill Highlights Need for Understandable Financial Aid Info

The controversial College Student Relief Act of 2007, recently passed by the U.S. House of Representatives and currently in the Senate, proposes a phased reduction of the Federal Family Education Loan (FFEL) and Direct Loan (DL) program interest rates from 6.8 percent in July 2006 to 3.4 percent in July 2011. Because the changes proposed in the bill may significantly affect current and prospective student borrowers, they can better understand the bill's impact by learning more about government loans on DegreesofWisdom.com, a site that offers personalized financial aid information (http://www.DegreesofWisdom.com).

(PRWeb) January 30, 2007 -- DegreesofWisdom.com, a site that offers personalized financial aid information, provides the extensive financial aid and loan information that students need to help them understand legislative changes to federal aid programs that might affect them (http://DegreesofWisdom.com/financial_aid.php). The College Student Relief Act of 2007, recently passed by the House and currently in the Senate, has sparked national controversy, with dissenters in both the current administration and in some higher education funding sectors.

Although this bill has a number of provisions, the primary cause of disagreement is the phased reduction of subsidized undergraduate Federal Family Education Loan (FFEL) and Direct Loan (DL) interest rates from 6.8 percent in July 2006 to 3.4 percent in July 2011 with a return to current rates in January 2012. In mid January, the White House released an opposing Statement of Administration Policy, which said in part, "Reducing student loan interest rates would direct Federal subsidies to college graduates, not to students and their families who are struggling to meet current and future educational expenses."

Education Finance Council (EFC) President Kathleen Smith was encouraged by "the inclusion of a student loan proposal in the first 100 hours of legislative action in the 110th Congress," which she indicated, "is a welcome sign that lawmakers are taking seriously the importance of college access and affordability." EFC, an association of non-profit and state-based student loan providers, is concerned, however, that the projected price tag for this bill would be more than $7 billion--money that would come from funding for the student loan programs, which took an $18 billion hit less than a year ago.

"At DegreesofWisdom.com, we strive to provide the most accurate information in a personalized format so students and parents can understand the financial aid application process, identify the types of aid available to them, and make informed choices about loan repayment and consolidation options," says Judi Sandall, site spokesperson and 20-year veteran in the financial aid sector.

Students seeking comprehensive financial aid information can click on DegreesofWisdom.com's Financial Aid tab (http://DegreesofWisdom.com/financial_aid.php) to view personalized information by degree level, education format and other criteria. The site also provides information on repaying educational loans (http://degreesofwisdom.co/financialAid/repayingloans.html) and student loan debt consolidation options.

DegreesofWisdom.com has collected extensive financial aid information for all students seeking higher education. Students and parents can find information by degree level, education format, and other specifications. Information and resources are also available for students seeking to repay their loans.
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Press Contact: JO VIOLET
Company Name: DegreesofWisdom.com
Email: email protected from spam bots
Phone: 877-407-7377
Website: http://www.degreesofwisdom.com

Press Release Source: EMediaWire


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