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Apr 15, 2008

Summary and Text of Amendments for H.R. 5715 - Ensuring Continued Access to Student Loan Act of 2008

Summary of Amendments Submitted to the Rules Committee for

H.R. 5715 - Ensuring Continued Access to Student Loans Act of 2008

Listed in Alphabetical Order

April 15, 2008 6:03 PM

*select the name of the amendment sponsor to retrieve amendment text in .pdf format.

Capuano (MA)


The amendment adds that the Secretary of Education will consult with the Secretary of the Treasury in determining there is an inadequate availability of capital before authorizing the purchase of loans and in developing standards before using the lender-of-last-resort process.

Carney (PA)


The amendment defines the terms under which the Secretary of Education may exercise temporary authority to purchase student loans and maintains a continuity of servicing in order to minimize any disruption for students and schools.  Specifically, it requires the Secretary to pay a "fair value" for these loans, but not less than the total outstanding principal of such loans, any accrued, unpaid interest on such loans, and the eligible lenders' cost of originating such loans, including any organization fees paid by the lender.

Castle (DE)/Welch (VT)


The amendment requires the General Accountability Office to conduct a study of the impact of raising loan limits on (1) tuition, fees, and room and board at institutions of higher education; and (2) private loan borrowing for attendance at institutions of higher education.

Castor (FL)


The amendment temporarily classifies medical bill payment delinquencies of up to 180 days an extenuating circumstance which shall not interfere with parents’ ability to receive PLUS loans for their children’s tuition.

Franks (AZ)


The amendment expresses a Sense of Congress regarding the passage of the College Cost Reduction Act.

Hodes (NH)


The amendment would give the Secretary of Education the authority to waive loan origination fees for lenders of last resort.

McKeon (CA)


The amendment adds a Sense of Congress that the implementation of the PLUS loan auction should be delayed until July 1, 2010.

Miller, George (CA)


(REVISED) The Manager’s amendment makes technical and conforming changes; states that loan limit increases available under this Act are available only to students meeting the requirements of section 484(a) of the HEA; targets the loan limit increases to those students and families in most need; in regard to school-wide lender-of-last-resort eligibility, specifies that the Secretary of Education shall determine whether a school qualifies and provides criteria for the Secretary to consider in making the determination; specifies that funds received by lenders from loan sales be used to originate new loans; clarifies that the Secretary has the authority to enter into forward commitments to purchase new loans; and clarifies that, at the discretion of the Secretary, a loan purchased by the Secretary may continue to be serviced by the current lender.

Petri (WI)


The amendment requires the Secretary of Education to review and revise as necessary the regulations concerning prohibited guaranty agency inducements to eligible lenders.

Platts (PA)


The amendment clarifies the Secretary of Education has the authority to in enter into forward commitments to purchase new loans.

Price, Tom (GA)


Strikes Section 4, regarding loans provided to those who are delinquent on their home mortgage.

Price, Tom (GA)


The amendment requires all authorizations of appropriations in the bill to be paid for by offsetting decreases in federal spending.

Welch (VT)


(WITHDRAWN) The amendment would require a study on the impact of increases in student loan limits on the cost of attending college.