H.R. 5914, The Student Loan Access Act of 2008

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H.R. 5914 would clarify the authority of the Federal Financing Bank to purchase loans guaranteed under part B of title IV of the Higher Education Act of 1965.

Detailed Summary

Student Loan Access Act of 2008 - Authorizes the Federal Financing Bank, until July 1, 2009, to: (1) purchase guaranteed loans originated under the Federal Family Education Loan (FFEL) program of the Higher Education Act of 1965, or participation interests in such loans; (2) advance funds to eligible lenders for the purpose of originating or purchasing FFELs; and (3) invest in securities collateralized with FFELs.

Prohibits such FFEL purchases from resulting in any net cost to the federal government.

Permits the Secretary of the Treasury to extend the Bank's authority to take such actions beyond July 1, 2009, if economic conditions threaten timely, uninterrupted access to student loans.

Status of the Legislation

Latest Major Action: 4/29/2008: Referred to House committee. Status: Referred to the House Committee on Financial Services.

Points in Favor

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Points Against

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