“I have been appalled and disappointed at the lack of willingness by the Department of Education to reverse a change that was made with no regard to the actual impact it would have on this nation’s students, and particularly on students at HBCUs, said Chair Marcia L. Fudge. The reasons we’ve been offered as to why changes to the rule must stand have been unsatisfactory, especially because President Obama’s FY 2015 budget states that parents who are approved for Parent PLUS Loans (PPL) have an extremely low default rate, averaging around 7 percent, and graduates with Parent PLUS Loans have a default rate around 5 percent. The Administration has refused to fix a problem that it created for thousands of students, so Congress must attempt to fix it for them. I applaud Rep. Corrine Brown and Rep. Cedric Richmond for their efforts and for introducing this bill.”
Posted on: Thu, 10 Apr 2014 19:56:49 +0000
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