June 9, 2009

House Education Committee Discusses 2010 Budget

As discussed in the May edition of the Online News, the budget resolution includes instructions for the Education Committee to craft legislation that will result in $1 billion in savings by October 15. An important first step in that process occurred during the May 22 House Education Committee hearing on Student Loan Reform. During the hearing, three FFELP participants discussed alternative loan proposals: Jack Remondi, vice chairman and chief financial officer of Sallie Mae; Chris Chapman, president and chief executive officer of Access Group; and René Drouin, president and chief executive officer of the New Hampshire Higher Education Assistance Foundation Network Organizations. Additional organizations, including NASFAA and CBA, submitted written testimony to the committee.

OGSLP expects additional loan program proposals to be considered throughout the summer. We appreciate the Oklahoma financial aid community's continued support of FFELP and will keep you updated on this important topic.