| University Financial Services would like to thank you
for considering consolidating your Federal student loans
through us.
Unfortunately due to the passage of the Higher Education
Reconciliation Act of 2007 and the current distress
in the credit markets many lenders are no longer able
to access the funds necessary to lend money for new
student loans. This includes UFS. At the time of this
letter there are no secondary markets in the country
actively purchasing student loan assets to provide funding
for new student loans. Effective immediately, UFS is not funding new loans.
A few members of Congress have begun discussions about
how to fix this situation and restore students’
access to the loans they need to finance their educations.
We highly suggest that you call, write and e-mail your
representatives to share the difficulties you are having
financing your student loans. If enough borrowers bring
this problem to Congress’s attention they will
be forced to address it, especially in an election year.
We suggest beginning with the House Committee on Education
and Labor who is tasked with making recommendations
for changes to higher education and its funding. The
primary contacts are:
Contact George Miller (Chairman)
George.Miller@mail.house.gov
2205 Rayburn House Office Building
Washington, D.C. 20515
(202) 225-2095
Howard McKeon (lead Republican)
U.S. House of Representatives
2351 Rayburn HOB
Washington, DC 20515
ph:(202) 225-1956
fax: (202) 226-0683
We will continue to closely monitor the situation.
Once the student loan market begins functioning again,
we will immediately be available to advise you of your
updated options.
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