CBA Statement on Higher Education Proposals in President’s Budget

February 10, 2020
Nick Simpson

CBA Statement on Higher Education Proposals in President’s Budget

 

WASHINGTON – Consumer Bankers Association President and CEO Richard Hunt issued the following statement on the education reform proposals outlined in President Trump’s budget:

 

“The President’s budget recognizes the need for fundamental reforms to the federal student loan system. Capping PLUS loans at responsible levels will ensure students continue to have access to quality educations without accumulating insurmountable levels of debt for themselves or their families. The New York Federal Reserve estimates every dollar of federal aid can increase tuition rates by more than 60 cents. Finally placing restraints on these virtually unlimited federal student loans can help start bending the cost curve in the right direction.

 

“Expanding Pell Grants, as the budget and CBA have called for, will also ensure limited federal resources are directed to those with the most need.”

 

NOTE: More information on CBA’s work to improve the student lending marketplace is available at ConsumerBankers.com/EducationFunding.

 

###

 

About the Consumer Bankers Association:

The Consumer Bankers Association represents America’s leading retail banks. We promote policies to create a stronger industry and economy. Established in 1919, CBA’s corporate member institutions account for 1.7 million jobs in America, extend roughly $4 trillion in consumer loans and provide $275 billion in small business loans annually. Follow us on Twitter @consumerbankers.