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Petition for Choice and Competition in Federal Student Loans

The President's FY 2010 Budget proposal would eliminate the Federal Family Education Loan Program, effective July 1, 2010. At that time all new federal student and parent loans would be made by the Federal Direct Loan Program. Approximately 4,400 schools would have to switch programs. We invite financial aid professionals, parents, students, student loan professionals and concerned citizens to sign the following petition:

We, the undersigned, respectfully urge the Congress to preserve choice and competition in the federal student loan program. Competition between lenders that make federally guaranteed loans and competition between the two major federal student loan programs have led to significant and continuous improvements in service levels and quality and borrower benefits that reduce loan costs for students and parents.
Therefore, we urge Congress not to accept the Administration's Budget proposal to eliminate the Federal Family Education Loan Program and to work on a bipartisan basis to preserve a stronger private sector-based federal student loan program that
Provides student and parent borrowers a meaningful choice of lenders,
Offers postsecondary institutions a meaningful choice of student loan delivery and servicing
Offers borrowers and postsecondary institutions the wide array of delinquency, financial literacy and default prevention programs that promote responsible borrowing and repayment and minimize defaults.

As of today, 14376 people have signed this petition. See who else has signed.

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