FOR IMMEDIATE RELEASEFrom: Martinez, Eduardo [Eduardo.Martinez@asm.ca.gov]
Sent: Friday, June 06, 2008 5:15 PM
Subject: Media Alert -- Informational hearing: The Impact of the Credit Crunch on Student Loans

FOR IMMEDIATE RELEASE CONTACT: Eduardo Martinez

June 6, 2008 (916) 319-2044

 

***MEDIA ALERT***

 

WHO: Assembly Committees on Banking and Finance & Higher Education

Pedro Nava (D-Santa Barbara), Chair, Assembly Banking Committee

Anthony Portantino (D-La Canada Flintridge), Chair, Assembly Higher Education Committee

Members of the Banking and Finance & Higher Education Committees

 

WHAT: Informational hearing: The Impact of the Credit Crunch on Student Loans

 

WHEN: Monday, June 9th, 2:00 p.m.

 

WHERE: State Capitol, Sacramento, California

Committee Room 437

(Those unable to attend can listen to the hearing online by accessing the Assemblyís internet audio service at http://www.assembly.ca.gov/committee_hearings/defaulttext.asp)

 

The global credit crisis that started early in 2007 has garnered the most attention for its impact on the home mortgage market. However, this crisis has now spilled over into the student lending market, resulting in private student loans that are underwritten with more restrictive terms such as increased FICO scores. It is estimated that these changes alone will result in 100,000 families becoming ineligible for student loans.

 

The joint committee will examine recent trends in student aid, an overview of the federal response to this crisis, and what California can do to keep student loans available and affordable.

 

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