The Coalition for Better Student Loans is a group comprising of parents,
financial administrators, loan providers and organizations that represent more
than 2,000 colleges and universities across the United States. The main function
of this group is to bring about changes in the federal loan system and to find
ways so that more students can opt for higher education.
The group has some of the most important financial administrators and
organizations as its members. American Council on Education, Association of
American Universities, College Parents of America, Consumer Banker’s
Association, Education Finance Council, National Association of Independent
Colleges and Universities, National Association of State Universities and Land
Grant Colleges, National Association of Student Financial Aid Administrators,
National Association of Higher Education Loan Programs and Sallie Mae all go up
to make the Coalition for Better Student Loans.
The Coalition is working towards increasing loan limits in the first two
years of post secondary education and the creation of flexible borrowing
accounts for the remaining period of undergraduate study. It is also trying to
increase the loan limits for graduate and professional students. The coalition
wants the origination fee, which is charged to low income students when they
take an educational loan for higher studies, to be abolished. As per the federal
law, a student can repay the loan after 10 years of availing it. The coalition
wants the government to introduce greater initial repayment flexibility for
students and the use of interest only or part interest plans and extended period
of repayment.
Consolidation loans were originally created by Congress to simplify the
process of loan repayment for borrowers who had multiple loans and to help them
have lower monthly payments. The coalition proposes to extend use of loan
consolidation for the benefit of students. The coalition also wants the Congress
to give $1 billion for loan forgiveness programs.
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