Ensuring Continued Access to Student Loans Act of 2008

Back to main bill page for votes, text and more.

	See other articles on economic policy legislation, related congressional scorecards or all articles on legislation.
	Participate: Edit this article \| Report an error \| Help build and oversee the wiki

Article summary (how summaries work)

Current status

Status: Bill Is Law

To ensure continued availability of access to the Federal student loan program for students and families.

Sponsor: Rep. George Miller [D, CA-11]Committees: House Education and Labor

Increases the loan limit above the determined financial need for graduate students enrolled in an eligible institution from $10,000 to $12,000, allows a limit of up to $2,000 for dependent undergraduate students, and increases the limit amounts for independent undergraduate students from $4,000 to $6,000 for the first two years of study and from $5,000 to $7,000 for the second two years of study (Sec. 2).^[1]

Sets the total loan limit for undergraduate studies at $31,000 for dependent students and $57,500 for independent students (Sec. 2).^[1]

Allows a six month grace period after a student has less than half of a full time class load before parent borrowers must start making payments (Sec. 3).^[1]

Authorizes the Secretary of Education and the Secretary of the Treasury to purchase loans originated on or after October 1, 2003 from eligible lenders if there is an inadequate availability of loan capital to meet the demand for student loans, with a temporary authority that expires on July 1, 2009 (Sec. 7).^[1]

Vote to pass a bill that changes the limits for student loans, changes repayment requirements for parents, and temporarily allows the government to purchase loans from certain lenders.^[1]

House Record Vote (204)

April 17, 2008

On Passage: H R 5715 Ensuring Continued Access to Student Loans Act
On Passage

Percentage of 'Aye' votes: 88% - Passed

Required percentage of 'Aye' votes: 1/2 (50%)

383

Ayes

27

Nays