As Congress prepares to take up their 2010 budget blueprints, supporters and critics of President Obama's proposal to eliminate the Family Federal Education Loan program are ramping up their arguments for and against the plan. The Consumer Bankers Association has attracted more than 4,000 college financial aid administrators, parents and loan industry officials as signers of a petition asking lawmakers to sustain the competition between the lender-based guaranteed loan and the competing direct loan programs. The heads of more than a dozen state associations of financial aid administrators also have written letters opposing the plan. The National Direct Student Loan Coalition, meanwhile, sent their own letter to members of Congress arguing why the president's plan deserves their support, focusing on the fact that it will allow lawmakers to use $94 billion in projected savings from the changes to help increase grant and other funds for students.
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