In numerous public Straight Talk forums held by Sallie Mae this academic year, the company has commented on the effectiveness of the Ensuring Continued Access to Student Loans Act of 2008. Congress, led by Chairman George Miller and Chairman Edward Kennedy, recognized the credit crunch was threatening to create a widespread college access crisis and they acted in a very decisive and comprehensive manner.

The swift passage of this bipartisan law ensured that every student and every parent who needed a federal loan this year got one. Congress also understood that certainty was needed as students and families were making their plans for the 2009–2010 academic year. Therefore, they extended this important law for an additional year — six months before it was set to expire.

It’s unusual for Congress to act this quickly and proactively. But Chairmen Miller and Kennedy recognized the need to give the U.S. Secretary of Education a comprehensive set of options to ensure that students would not forgo or postpone college because of concern about the availability of student loans.

That alone is a compelling story. It’s more compelling, however, that the law and the programs that have been implemented by the Departments of Education and Treasury — in close consultation with Congress — are working so well to stabilize the student loan program and prevent future college access problems.

Sallie Mae believes the Jan. 6 Wall Street Journal article — "Tuition Ammunition: A Happy Lesson on Lending" — effectively describes “one bright spot in a season of crisis" and will go a long way in helping families understand that federal student loans are available despite the economic downturn.