In anticipation of education spending cuts that could result from Federal budget negotiations, the nearly 200 credit unions partnered with Washington, D.C.-based student lending CUSO Credit Union Student Choice have pledged $1 billion in higher education financing, the CUSO said.
Credit Union Student Choice President Jon Jeffreys said while it appears the legislative debt ceiling/deficit reduction package includes funding for essential Federal student loan programs such as Pell Grants and subsidized Stafford loans, the CUSO's CU partners' collaborative pledge prepares student borrowers for cuts that could occur in the future.
"There are serious long-term questions," Jeffreys said. "The government will be aggressively looking for additional budget cuts in the coming months and it remains to be seen how educational funding programs could be affected. One thing that is certain, however, is that our credit union partners stand ready to support students, families and universities."
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