Department Feeling The Heat On Credit Crunch

Abstract: The Department continues to feel pressure to act on H.R. 5715 as soon as possible. Last week NASFAA President Dr. Phil Day urged the U.S. Department of Education to issue regulatory guidance on the new legislation before Memorial Day. The following day, leaders of the lending community also called on the Department to use federal capital to infuse liquidity into the market. Finally, last Friday, Congressman Paul Kanjorski (D-PA), Chairman of the House Financial Services Capital Markets, Insurance, and Government Sponsored Enterprises Subcommittee, also wrote a letter to Education Secretary Margaret Spellings and U.S. Secretary of the Treasury Henry M. Paulson, and urged them to immediately implement H.R. 5715.

The full article was originally published in NASFAA’s Today’s News on 05/20/08.