ECASLAEnsuring Continued Access to Student Loans Act of 2008
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Every loan, good or bad, made since 2010 under the Direct Loan program would almost certainly have been made under the FFEL program as well, assuming policymakers would have maintained the emergency policies under ECASLA for as long as needed to keep the FFEL program afloat during the financial crisis.
As banks leaving the program sold their loan assets during the ECASLA buyback, the servicing continuity was lost.
The ECASLA increased annual and aggregate borrowing limits for total Stafford Loans for dependent undergraduate students, independent undergraduate students, and dependent undergraduate students whose parents are unable to obtain a PLUS Loan, effective for loans first disbursed on or after July 1, 2008.
(22) For additional information on increased borrowing limits enacted under the ECASLA, and as amended by the HEOA, see CRS Report RL34452, The Ensuring Continued Access to Student Loans Act of 2008, by David P.
Sallie Mae has offered a decidedly modest counterproposal to the Obama plan that has private lenders originate student loans and sell them to the government after 120 days, much the way they have done under the temporary ECASLA legislation.