CCRAACollege Cost Reduction and Access Act of 2007
CCRAACopper Country Radio Amateur Association (Dollar Bay, MI)
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However, because large lenders' profit margins are still lower from CCRAA provisions, they will increase fees and decrease discounts, while driving up the minimum balances required for loan consolidations, resulting in the marketing of private student loan offerings versus the less profitable guaranteed student loans.
* Explore how to make loans worthwhile for private lenders by amending the CCRAA;
(36) The amount of the award is based on the student's "expected family contribution." (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 $18.5 billion in the budget, it ends up spending around seventeen billion dollars of that cut.
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.