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New Federal Student Loan Bill is Great News for Current College Borrowers

After informing anxious borrowers about a bill that would increase federal student loan funding, StudentLoanCenter.biz is pleased to announce the passage of that bill into law. President George W. Bush signed the Ensuring Continued Access to Student Loans Act of 2008 last week and made the future educations of many students possible. The passage of this law will increase the money that is available for federal student loan programs at colleges throughout the United States to offset the loss of many programs after a downturn in the lending market.

This student loan bill, HR 5715, came after numerous lenders dropped out of federal programs for college education funding. Representative George Miller (D-Calif.) introduced the federal student loan bill to the House of Representatives and it quickly raced through both the House and the Senate with a unanimous vote on April 30.

The bill increases the maximum annual unsubsidized Stafford Loan amounts for undergraduate students through the Federal Family Education Loan program by $2,000. The maximum limit on this type of college student loan was also increased from $23,000 to $31,000 for dependent undergraduates and from $46,000 to $57,500 for independent undergraduates.

Many college students, prospective students and parents have been concerned about the future of federal lending programs, as the team at StudentLoanCenter.biz knows. This student loan legislation is addressing the concerns of many Americans, including parents. The new law is adding a six-month grace period for parents to pay back PLUS loans after their student has graduated or quit going to school full time.

StudentLoanCenter.biz is pleased to be giving their visitors good news about the future of college student loan funding after so much bad news in the lending market.

For more information about getting a federal student loan or student loan consolidation, visit www.studentloancenter.biz.

About Student Loan Center:

The team at Student Loan Center has created a Web site to help students get through college without relying on help from parents or traditional loans. Students can get a large loan at a low interest rate while finishing college without worrying about money. Student Loan Center has the experience necessary to help students with any kind of information about repayments or interest rates.

StudentLoanCenter.biz was created by a team that is dedicated to making the whole process of getting a student loan much easier, and the most important part of this is accurate information. Students can learn everything they need to know about student loans, so they can easily pick the one that suits their situation. Anyone with questions or concerns about student loans can enter their Web site to get the answers they need.

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