Presidential Policies
President Barack Obama will be facing a number of serious issues in the upcoming months. We will be posting information on the issues that impact the Loyola community on this page to help our students continue to be engaged in the political process.
- Federal Budget Resource Center - compiled by the National Association of Student Financial Aid Administrators
President Obama's Agenda for Education
- Obama Administration Announces Streamlined College Aid Application
- Student Assistance Programs: Highlights of the President's 2010 Budget
- Financing the Dream: Securing College Affordability for the Middle Class
- Education Secretary Duncan Highlights Budget Proposals to Increase College Access and Affordability
- Duncan Touts Perkins Loans for Struggling Middle-Class Families- from the March 12, 2009 issue of the Chronicle of Higher Education
- Department of Education's Web Center - The Department has launched an American Recovery and Reinvestment Act (ARRA) Web center where it will post information about the new law as it becomes available
Student Loan Proposals
On April 24, 2009, President Obama addressed critics of his proposal to make significant changes in the Federal Student Loan Programs. You can see the video of his remarks on the White House web site.
Until the recent "credit crisis", participating lenders in the Federal Family Loan Program ("FFELP") offered better borrower benefits to our families. So, we have been utilizing that program instead of the Federal Direct Loan Program. We are certified to participate in the Federal Direct Student Loan Program. If the President's proposal is approved by Congress, it would be effective for the 2010-2011 academic year. If this proposal is passed by Congress, this means that students who are currently borrowing under the FFELP Program would have to complete a new Master Promissory Note before any additional loan funds could be disbursed on their behalf.
- Questions & Answers on the Transition to 100 Percent Direct Lending (from the Department of Education's website)
- Direct Loan versus the FFEL Program
Help for Unemployed Workers
The President announced on May 8. 2009 that unemployed workers receiving unemployment benefits may qualify for a special hand in paying for education and training. For more information, visit the opportunity.gov website.
Families should also review our page on information for dislocated workers and displaced homemakers
Help for Home Owners
Families having trouble with their mortgages may qualify for the new Home Affordable Refinance Program which allows homeowners who have paid their mortgages on time but haven't been able to refinance because of a decrease in the value of their home. This program will only be available until June 10, 2010.
Borrowers who can no longer afford their monthly loan payments may qualify for the Home Affordable Modification Program under which lenders may reduce rates to as low as 2%, or forgive a portion of the principal. Borrowers who are current or have missed one or more payments may be eligible. This program will only be available until December 31, 2012.
The Obama administration issued guidelines to lenders for the implementation of these programs on March 4. The programs are available now, but lenders and servicers need to make changes to their systems to accommodate new rules so it may take time before some are ready to process applications.
Free Housing Counselors Nationwide
Local HUD-approved housing counseling agencies can help troubled families decide what mortgage options are best for them. The agencies provide advice on buying a home, renting, defaults, foreclosures, credit issues, and reverse mortgages and there is never a fee. These agencies are funded, in part, by HUD and NeighborWorks® America. There is no need to pay a private company for these services.
Avoiding Home Loan Scams
The announcement of the new programs has, unfortunately, led unscrupulous individuals to prey on vulnerable homeowners with fraudulent mortgage schemes. The Illinois Attorney General said that so-called mortgage foreclosure rescue operations are targeting desperate homeowners to cheat them of money they can't afford to lose. "Struggling homeowners need to know that free help is available. The 24 lawsuits I have filed prove foreclosure rescue operators don't help. They [will sell you a program but they] don't call your lender, they don't modify your loan, and they don't represent you in court if you're in foreclosure." The government has announced a crackdown on these frauds, and the FTC has published a reproducible flyer with tips to avoid scams that you can re-distribute.
Community Service Programs
President Obama often speaks and writes about the need for all Americans to volunteer in their communities. Learn more about community service programs available to the Loyola community
Look for New Orleans' own Wynton Marsalis and other members of the Marsalis family in this video from the White House. Students from the New Orleans Center for the Creative Arts ("NOCCA") also participated in the event.
Updated November 8, 2009