February 17, 2009
EFC President Praises Signing Into Law Of Stimulus Package
WASHINGTON, D.C., (February 17, 2009) – Education Finance Council President Peter Warren lauded Congress for passing the $787 billion stimulus package that is to be signed into law by President Obama today in Denver, Colorado.
“EFC applauds the President and the Congress for addressing head on the threat to post-secondary education aspirations posed by a faltering economy and the resultant constraints imposed on state higher education spending,” Warren said.
The ARRA also includes much-needed relief for nonprofit student loan providers and the borrowers they serve by exempting from the Alternative Minimum Tax (AMT) student loan revenue bonds issued during 2009 and 2010 that are either new issues or that refund post-2003 issues.
The Bond Buyer’s lead story on Friday quoted Warren on the Congressional conference committee’s decision to extend the AMT exemption for new issues to encompass some refunding bonds:
“Exempting refunding bonds from the AMT will enhance the ability of nonprofit student loan issuers to refinance their auction-rate bonds. This will increase their ability to finance new student loans by freeing up equity currently trapped in the ARS trusts and by reducing the financing cost of their outstanding portfolios.”
Stimulus_2_17.pdf
EFC President Praises Signing Into Law Of Stimulus Package
WASHINGTON, D.C., (February 17, 2009) – Education Finance Council President Peter Warren lauded Congress for passing the $787 billion stimulus package that is to be signed into law by President Obama today in Denver, Colorado.
Dubbed the American Recovery and Reinvestment Act (ARRA), the legislation includes substantial new funding for post-secondary education, including Pell Grants, work study, higher education tax credits and college and university expenditures.
“EFC applauds the President and the Congress for addressing head on the threat to post-secondary education aspirations posed by a faltering economy and the resultant constraints imposed on state higher education spending,” Warren said.
The ARRA also includes much-needed relief for nonprofit student loan providers and the borrowers they serve by exempting from the Alternative Minimum Tax (AMT) student loan revenue bonds issued during 2009 and 2010 that are either new issues or that refund post-2003 issues.
The Bond Buyer’s lead story on Friday quoted Warren on the Congressional conference committee’s decision to extend the AMT exemption for new issues to encompass some refunding bonds:
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EFC’s mission is making college more affordable. Together with its members, EFC works to expand access to higher education by ensuring the availability of student loan funds while striving to make paying for college easier and less expensive for all students and families. EFC represents nonprofit and state-based student loan providers that participate in the Federal Family Education Loan Program (FFELP) as well as affiliated entities including guaranty agencies, lenders, rating agencies, insurers and investment bankers.
Stimulus_2_17.pdf
