9/18/2008
Congress Approves Extension of the Ensuring Continued Access to Student Loans Act of 2008
On Sept. 15, the House of Representatives passed H.R. 6889, a one-year extension of the Ensuring Continued Access to Student Loans Act of 2008 (ECASLA) with a vote of 368-4. In swift response, the Senate approved the House legislation yesterday.
If signed by the President, this extension of ECASLA will ensure the availability of FFELP loans through the 2009-10 academic year. Specifically, the bill:
- Extends the Department of Education’s authority to purchase FFELP loans first disbursed before July 1, 2010.
- Extends the ECASLA provision allowing institution-wide Lender of Last Resort designation for schools through June 30, 2010.
OGSLP will continue to keep you informed about legislative activity. We encourage you to visit our Legislation Page often to view important updates and access more detailed information. If you have questions about this announcement, please contact Rick Edington at 405.234.4333 or redington@ogslp.org.