    [Public Papers of the Presidents of the United States: George W. Bush (2008, Book I)]
    [April 26, 2008]
    [Pages 583-584]
    [From the U.S. Government Publishing Office www.gpo.gov]

    The President's Radio Address
    April 26, 2008

        Good morning. As we approach graduation season, many American
    students are looking forward to beginning college in the fall. This new
    chapter of life is a time of great expectation but can also be a time of
    anxiety. And that anxiety is being heightened by the recent credit
    crunch, which has raised concerns about the potential availability of
    student loans.
        Recently, some lenders have dropped out of the Federal program that
    provides college loans to students who have often little or no credit.
    Without an adequate response, this means that many students may approach
    the upcoming school year uncertain of when they will be able to get
    their loans or where they will come from.
        A slowdown in the economy shouldn't mean a downturn in educational
    opportunities. So we're taking decisive action now to ensure that
    college is accessible and affordable for students around the country.
        One way we're helping is through the Department of Education's
    lender of last resort program, which works to provide loans for students
    who are unable to secure one from a lender. The Department is taking
    steps to ensure that the agencies involved in this program are ready and
    able to meet their responsibilities. If necessary, the Government will
    help fund these loans. With these actions, we will help ensure that a
    college education is not unnecessarily denied to those who have earned
    it.
        These are important first steps, but more needs to be done. Congress
    needs to pass legislation that would give my administration greater
    authority to buy Federal student loans. By doing so, we can ensure that
    lenders will continue to participate in the guaranteed loan program and
    ensure that students continue to have access to tuition assistance.
        A bill that would do this has already passed the House of
    Representatives. It is called the ``Ensuring Continued Access to Student
    Loans Act.'' This bill provides the necessary tools for safeguarding
    student loans without permanently expanding the Government's role in
    their financing. The authority the bill grants is temporary and would be
    used only if it became apparent there was a shortage of loans available
    to students.

    [[Page 584]]

        Ensuring the stability of student loans is essential to keeping
    educational opportunities open to all Americans. Last year alone,
    Federal loans provided more than $60 billion of aid to American
    students. This money helped pay for tuition, textbooks, and the lifetime
    of opportunity that comes with holding a college degree. Members of
    Congress now have a chance to preserve this opportunity, and they should
    take it.
        I urge Congress to get the ``Ensuring Continued Access to Student
    Loans Act'' to my desk as soon as possible. A delay of even a week or
    two may make it impossible for this legislation to help students going
    to school this fall. By working together to improve and enact this
    legislation quickly, we can ensure that higher education remains within
    the reach for all those who've earned it, and we can ensure that
    America's college students can spend more time next fall thinking about
    their textbooks than their pocketbooks.
        Thank you for listening.

    Note: The address was recorded at 7:10 a.m. on April 25 in the Cabinet
    Room at the White House for broadcast at 10:06 a.m. on April 26. In his
    address, the President referred to H.R. 5715, the ``Ensuring Continued
    Access to Student Loans Act of 2008.'' The transcript was made available
    by the Office of the Press Secretary on April 25, but was embargoed for
    release until the broadcast. The Office of the Press Secretary also
    released a Spanish language transcript of this address.