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The CCRAA is comprised of eight different titles, but only three titles will be discussed in this Note: (32) the first title, which increases the amount of the maximum Pell Grant; (33) the third title, which eliminates "Exceptional Performer Status" for lenders and reduces lender insurance percentages; (34) and the seventh title, which establishes the "Competitive Loan Auction Pilot Program.
37) The CCRAA increases the maximum Pell Grant Award from $4,310 to $5,400 by the year 2012.
One argument against the CCRAA is made in a statement released by the Secretary of the Department of Education, Margaret Spellings, in which she stated that the CCRAA spends too much money lowering interest rates for students who have already graduated.
A final objection to the CCRAA is that while it cuts around $18.
Sections 301 and 303 of the CCRAA reduce payments from the federal government to private lenders.
77) Congress agreed by using the CCRAA to eliminate "exceptional performer status" and reduce the default lender insurance percentage to ninety-five percent.
100) The CCRAA should send a message to lenders that the Department of Education will not tolerate further abuses.
103) The president and CEO of the American Student Loan Services, Brian Skowronski, contends that the CCRAA is cutting costs at the expense of small business owners.
Larger private lenders may have already started feeling the effects of the CCRAA, as Nelnet, a leading private student loan lender, has stated publicly that it will get rid of four hundred jobs due to the CCRAA and the expected loss of profits.
120) This balancing act may well determine the success of the CCRAA as well as the ability of students to obtain affordable loans from private lenders and the existence of these lenders altogether.
129) Proponents of the CCRAA believe that the Competitive Loan Auction Pilot Program will lower the costs of loans for students.