[Congressional Record Volume 143, Number 157 (Sunday, November 9, 1997)]
[Extensions of Remarks]
[Page E2279]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




          A PROGRESS REPORT ON THE LOAN CONSOLIDATION PROGRAM

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                         HON. ROBERT E. ANDREWS

                             of new jersey

                    in the house of representatives

                       Saturday, November 8, 1997

  Mr. ANDREWS. Mr. Speaker, I rise to report on the progress of the 
Department of Education's loan consolidation program. Because of the 
solid efforts of the Department and EDS, the program is on track to 
complete all the pending consolidation applications and to resume 
accepting new applications by December 1, 1997.
  As of September 15, 1997, EDS had received 142,856 consolidation 
applications. Of that number, 84,078 were still pending. In less than 2 
months, the outstanding inventory has been reduced by 81 percent; only 
15,607 applications are still pending. As a result, the number of 
completed consolidations has increased by 64 percent since mid-
September.
  These updated figures show that the loan consolidation problems no 
longer exist. The Department's loan consolidation program streamlines 
the borrowing process, reduces financial costs, and improves access to 
education for students and their families. The Department and EDS are 
to be commended for their swift response to the situation and for 
putting this important program back on track.

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