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FYI
Dear Education Partners,
Yesterday, Education Secretary Arne Duncan released a statement on preventing the student loan interest rates from doubling this summer.
“Our priority is to ensure that Congress doesn’t allow federal student loan interest rates to double on July 1. President Obama has put forward a comprehensive solution that will help middle-class students and their families afford college by lowering interest rates on July 1, without adding to the deficit, and Senator Harkin and Congressman Miller have also been leaders within Congress to prevent rates from doubling for students and families,” said Secretary Duncan.
We know that lowering interest rates is just one piece of the college affordability puzzle. To make college affordable, we must take a comprehensive approach that reflects the shared responsibility of the Federal government, States, colleges, and students and families.
You can read his statement below and here.
In addition, today, the U.S. Department of Education announced a new student loan resource for U.S. Service members.
The brochure, entitled For Members of the U.S. Armed Services: What You Need to Know About Your Federal Loan Benefits, has information about specific benefits available to servicemen and servicewomen, repayment options and helpful tips for active duty or deployed service members.
The announcement is pasted further below and available here.
We ask for your assistance in sharing this information with your members, affiliates and networks.
Thank you,
Robert Gomez | Higher Education and Youth Liaison
Office of Communications and Outreach | United States Department of Education
400 Maryland Ave, SW | Washington, D.C. 20202
U.S. Department of Education
Office of Communications & Outreach, Press Office
400 Maryland Ave., S.W.
Washington, D.C. 20202
FOR RELEASE
Wednesday, May 22, 2013
Contact: Press Office
Statement from Secretary Duncan on Preventing Student Loan Interest Rates from Doubling on July 1
Our priority is to ensure that Congress doesn’t allow federal student loan interest rates to double on July 1. President Obama has put forward a comprehensive solution that will help middle-class students and their families afford college by lowering interest rates on July 1, without adding to the deficit, and Senator Harkin and Congressman Miller have also been leaders within Congress to prevent rates from doubling for students and families.
While we welcome action by the House on student loans, we have concerns about its current approach, which does not guarantee low rates for students on July 1, makes students bear the burden of deficit reduction, and fails to lock in interest rates when students take out a loan – so their rates could escalate in the future.
Now is not the time to double interest rates on student loans, and we remain committed to working with Congress on a bipartisan approach to a long-term, fiscally sustainable solution that will help students and families afford higher education now and in the future. Given the impending July 1 deadline, an extension that protects students against higher rates while Congress develops an alternative solution is another reasonable option.
Both the President and I firmly believe college should not be reserved only for the wealthy. All of us share responsibility for making college affordable and keeping the middle-class dream alive. There is no excuse if Congress fails to come to an agreement that prevents rates from rising suddenly in July, and we look forward to working with members of both parties to reach a solution.
U.S. Department of Education
Office of Communications & Outreach, Press Office
400 Maryland Ave., S.W.
Washington, D.C. 20202
FOR RELEASE: Thursday, May 23, 2013
CONTACT: Press Office, (202) 401-1576 or press@ed.gov
NEW STUDENT LOAN RESOURCE AVAILABLE TO U.S. SERVICE MEMBERS
U.S. Department of Education and Student Loan Servicers Collaborate to Provide Timely, Useful Information
America’s servicemen and servicewomen will now have more information about their federal education loans, special benefits available to them, and their repayment options with the release of a new brochure announced today.
“We know that our servicemen and women are faced with an abundance of challenges and transitions while deployed and upon returning to civilian life,” said U.S. Secretary of Education Arne Duncan. “With Memorial Day approaching, we want to redouble our efforts to ease their transition and provide them with educational opportunities, resources, and the ongoing support they have earned. This easy-to-read brochure is a small but important way to help – it outlines what service members need to know to manage their student loans and maximize their benefits.”
The brochure, entitled For Members of the U.S. Armed Services: What You Need to Know About Your Federal Student Loan Benefits, was developed by the Department and the four Title IV Student Loan Servicers: FedLoan Servicing, Great Lakes Educational Loan Services, Nelnet Education Loan Servicing and Sallie Mae Department of Education Loan Services.
The free brochure is divided into three parts: the first section describes the special benefits and repayment options available to service members; the second section offers helpful tips for active duty or deployed service members; and the third lists useful student loan resources. Some of the tips are:
· Establishing online access to student loan accounts to review and make payments online;
· Exploring repayment plans based on income, which could qualify borrowers for low or zero payment and possible loan forgiveness;
· Signing up for automatic payments to help keep loans current; and
· Placing an active duty alert on credit reports to reduce the risk of identity theft.
Consumers can access the brochure at http://StudentAid.gov/resources#military-loan-benefits
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