[Weekly Compilation of Presidential Documents Volume 44, Number 17 (Monday, May 5, 2008)]
[Pages 603-604]
[Online from the Government Publishing Office, www.gpo.gov]

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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.

    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.

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