FOR IMMEDIATE RELEASE
Elise Brooks, (202) 589-2427

Survey: Parents Overwhelmingly Favor Multiple Options to Finance College

Washington, D.C.—February 8, 2010—In response to Congressional debate on pending legislation that would end the private-sector administered federal student loan program in favor of broad government expansion into the student loan market, the Financial Services Roundtable recently had Ipsos conduct a national survey of 764 parents with children under 25.

The survey found that 92% of parents agree that families should be able to choose from among a variety of lenders to finance their children’s college education. Furthermore, 85% agree that private sector lenders should be allowed to offer federal student loans that are competitive with loans offered directly from the Federal government.

“This survey demonstrates that parents value choice and competition in the student lending market and strongly oppose a complete government takeover of the industry,” said Steve Bartlett, President and CEO for Financial Services Roundtable. 

“A competitive student loan program not only provides better service for American families, it also brings thousands of valuable jobs to communities throughout the country,” added Bartlett. “At a time when growing and protecting jobs is a top priority, Congress must pass reform legislation that retains, not eliminates these crucial jobs.” Approximately 35,000 men and women work directly for companies that make or service federal student loans.

The Financial Services Roundtable represents 100 of the largest integrated financial services companies providing banking, insurance, and investment products and services to the American consumer.  Member companies participate through the Chief Executive Officer and other senior executives nominated by the CEO.

Roundtable member companies provide fuel for America's economic engine, accounting directly for $74.7 trillion in managed assets, $1.1 trillion in revenue, and 2.3 million jobs.