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Tuesday, April 29, 2008
The Michigan Daily - michigandailycom
COLEMAN AT THE CAPITAL
STUDENT LOANS
From Page 1
the school's website.
Margaret Rodriguez, the senior
associate director in the Office of
Financial Aid at the University,
said the FDLP will be able to absorb
the cost of loaning to students who
would have otherwise used the
FFELP.
She said the FDLP can handle
an immediate 20-percent increase
in loan volume and that further
resources are available if necessary.
"There are a lot of articles in the
paper that say there's a student loan
crisis," Rodriguez said. "I don't
think there's a crisis."
Francine Wonder, the director
of corporate and public affairs at
Wayne State, agreed.
"There are still lots of loans out
there," she said.
Wonder said the transfer to
FDLP is "actually a very, very good
thing" for students because it offers
a simpler way for students to get
federal loans.
She called the direct loan pro-
gram a "more stable, reliable mech-
anism" because students don't have
to work with private lenders.
"Given the current market con-
ditions and the difficulties lenders
are having, we want to make sure
that our students have access to the
funds they need to get loans," she
said.
Wunder said the loan program
withdrawal was more of an indica-
tor of afailing economycthan a cause
for student alarm. "It's affecting a
lot of areas, not just home mortgag-
es and not just student loans, but
credit in general." she said.
Spokesman for the Michigan
Department of Treasury Terry
Stanton said that enrollment at
Michigan uni,.sities should not
be adversely a.cted, but that some
students may have to work harder
to find private lenders if they don't
want to go through the FDLP.
"We don't believe that students
will be forced to quit their higher
education efforts," he said.
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University President Mary Sue Coleman asked the Michigan House
of Representatives Appropriations Committee Wednesday to make
higher education more accessible with increased university funding.
"For the state, access comes with adequace levels of appropriations,
and Guv. Granholm's proposed increase of 3 percent for higher edu-
cation is a strong first step," she said. "Still, our state remains dead
last nationally with regard to increases in higher education spending
over the last five years."
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