H.R. 7072 · 110th Congress
To make technical corrections in the Ensuring Continued Access to Student Loans Act of 2008.
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Never voted on. It didn't reach a floor vote before the 110th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
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McKeonSponsor11 cosponsors · 11 R
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Biggert
RB
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Bishop
CB
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Boustany
DD
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Davis
LF
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Fortuño
PH
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Hoekstra
RK
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Keller
JK
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Kline
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Marchant
TP
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Platts
JW
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Wilson11 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
Amends the Higher Education Act of 1965 to make technical corrections to the Ensuring Continued Access to Student Loans Act of 2008.
What it does: CRS summary · Introduced in House · Sep 25, 2008
Amends the Higher Education Act of 1965 to make technical corrections to the Ensuring Continued Access to Student Loans Act of 2008.
Clarifies the Secretary of Education's authority to purchase, or enter into and fund forward commitments to purchase, until July 2010, Federal Family Education Loans (FFELs) from lenders when there is an inadequate availability of loan capital to meet the demand for such loans. Includes, within such purchase authority, FFELs that qualify for loan rehabilitation under the Default Reduction program.
Conditions the Secretary's purchase or forward commitment to purchase FFELs on lender agreement to originate or purchase new FFELs. (Currently, they are required to use the funds from such purchases to engage in such activities.)
Requires the Secretary to contract with the current servicers of FFELs the Secretary is purchasing for the continued servicing of such loans, provided certain conditions are met. (Currently, the Secretary is authorized to enter into servicing agreements with willing lenders whose loans are being purchased.)
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: To make technical corrections in the Ensuring Continued Access to Student Loans Act of 2008.
Latest action (Sep 25, 2008): Referred to the House Committee on Education and Labor.
Policy area: Education · Origin: House · Introduced: Sep 25, 2008
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.