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Banking, state guarantee agencies, and secondary market representatives warn the House Postsecondary Education Subcommittee that tighter limits on tax-exempt bond availability would reduce profit opportunities and capital for GSL lending. The article details regulatory changes affecting state agencies’ ability to use such bonds and highlights concerns about funding costs and future market sustainability for lenders.",{"@graph":69,"@context":122},[70,84,105],{"@type":71,"itemListElement":72},"BreadcrumbList",[73,77,79,82],{"item":74,"name":75,"@type":76,"position":8},"https://docshare.wps.com","Home","ListItem",{"item":78,"name":9,"@type":76,"position":14},"https://docshare.wps.com/document/",{"item":80,"name":20,"@type":76,"position":81},"https://docshare.wps.com/document/exam/",3,{"item":83,"name":65,"@type":76,"position":19},"https://docshare.wps.com/document/tax-exempt-bonds-essential-for-student-access-to-gsls-read-online-news/417932/",{"url":83,"name":65,"@type":85,"image":86,"author":91,"headline":65,"publisher":94,"fileFormat":97,"inLanguage":63,"description":67,"dateModified":98,"datePublished":99,"encodingFormat":97,"isAccessibleForFree":100,"interactionStatistic":101},"DigitalDocument",{"url":87,"@type":88,"width":89,"height":90},"https://docshare.wps.com/thumbnails/tax-exempt-bonds-essential-for-student-access-to-gsls-read-online-news/417932.png","ImageObject",300,407,{"name":92,"@type":93},"Fans","Person",{"url":74,"name":95,"@type":96},"DocShare","Organization","application/pdf","2026-10-30","2026-09-28",true,{"@type":102,"interactionType":103,"userInteractionCount":39},"InteractionCounter",{"@type":104},"ViewAction",{"@type":106,"mainEntity":107},"FAQPage",[108,114,118],{"name":109,"@type":110,"acceptedAnswer":111},"Why are tax-exempt bonds important for student access to GSL loans?","Question",{"text":112,"@type":113},"Tax-exempt bonds help state agencies raise capital to fund student loans and secondary-market operations. If bonds are curtailed or taxed, the availability of these financing channels could be reduced, threatening continued access to GSL lending.","Answer",{"name":115,"@type":110,"acceptedAnswer":116},"What concern do the witnesses raise about taxing tax-exempt bonds?",{"text":117,"@type":113},"Smaller secondary markets and guarantee agencies would have the most difficulty financing student loans because of reduced profit potential. That could lead them to exit the program, decreasing capital available for GSLs and limiting student access.",{"name":119,"@type":110,"acceptedAnswer":120},"How did Education Department regulations affect states’ use of tax-exempt bonds?",{"text":121,"@type":113},"Regulations allowed tax-exempt bonds only as a last resort. States had to show that funds were not available from Sallie Mae or a bank, and the article reports that the subcommittee chairman believed the Education Department interpreted these technical amendments too restrictively.","https://schema.org",{"og:url":83,"og:type":124,"og:title":65,"og:site_name":95,"og:description":67},"article",{"robots":126,"canonical":83},"index,follow",{"doc_id":128,"site_id":62},417932,1790863116,{"code":4,"msg":5,"data":131},{"doc_id":128,"user_id":132,"nickname":92,"user_avatar":133,"doc_module":4,"category_id":19,"category_name":20,"doc_title":65,"doc_description":67,"doc_content":134,"file_id":135,"file_url":136,"file_type":137,"file_size":138,"view_count":39,"is_deleted":4,"is_public":8,"is_downloadable":8,"audit_status":8,"page_count":34,"language":139,"language_code":63,"site_id":62,"html_lang":63,"table_of_contents":140,"faqs":141,"seo_title":142,"seo_description":67,"update_tm":143,"read_time":144,"preview_page_count":4},5909892330395,"https://ap-avatar.wpscdn.com/davatar_6f874abed73319feea01a86fa6f0fab8","HIGHER EDUCATIONDAILYThe Independent daily news service foradministrators in postsecondaryeducation.  \n             Wednesday,June 12,1985  \nVol.13,No.114  \n# TAX-EXEMPT BONDS ESSENTIAL FOR STUDENT ACCESS TO GSL's\n\nIf legislators curtail tax-exempt bonds that finance student loans and second-ary market operations,access to the Guaranteed Student Loan(GSL)programcould be jeopardized,banking,state guarantee agency and secondary market rep-resentatives yesterday warned the House Postsecondary Education Subcommittee.  \nThe administration and several members of Congress have sought to reduce oreliminate tax-exempt bonds,which cut the government's tax revenue.The sub-committee decided to take a look at the issue Tuesday during its third Washing-ton,D.C.,hearing on reauthorization of the Higher  \n-HEA———  \nEducation Act of 1965.  \nReauthorization’85  \nRequirements that already restrict states'use of  \ntax-exempt bonds \"have severely cut back on the  \navailability of state secondary markets to finance their activities,\"saidLoren Carlson,vice president of Manufacturers Hanover Trust,a New York bank.  \nCarlson said the smaller secondary markets and guarantee agencies would have themost trouble financing student loans if bonds are taxed,because of the lack ofprofit.That might cause them to drop out of the program,prompting a reductionin capital available for GSLs and a potential loss of student access to loans.  \nState student loan agencies and secondary markets presently sell tax-exemptbonds on the financial markets to raise capital,which is then lent out forstudent loans or to fund general operations.President Reagan's recent taxproposal calls for an end to tax-exempt state bonds and financing(HED,May 30)。  \n# Cramped FinancesWithout tax-exempt bonds,New England Education Market-ing(Nellie Mae)Corp.President Lawrence O'Toole said,Nellie Mae's costs willrise.\"Our own experience in raising taxable funds has been at a substantiallygreater cost\"than tax-exempt money,O'Toole said.\n\nMost of those testifying yesterday said state financing of student loans becamecramped when the Education Department released regulations allowing tax-exemptbonds only as a last resort(HED,Feb。13,1984)。  \nUnder the regulations,which interpreted P.L。98-79,the student loan technicalamendments that Congress passed in 1983,state agencies that sold tax-exemptbonds would have to prove that the funds were not available from the StudentLoan Marketing Association(Sallie Mae)or a bank.  \nBut Subcommittee Chairman William D.Ford,D-Mich.,indicated yesterday thatthe Education Department went overboard in interpreting the technical amend-ments,which called on ED to ensure that state student loan agencies do not18oue bonds\"for amounts in excess of reasonable needs.\"(more)  \nJune 12,1985  \n# TAX-EXEMPT BONDS ESSENTIAL FOR STUDENT ACCESS TO GSL'S(Cont.)\n\nFord said there have been attempts made to coax ED to reinterpret the amend-ments.Unfortunately,Ford added,the Reagan administration \"has a tendency tosay,'Hey,if you want to change it,go ahead and change the law and see if thepresident will sign it.'\"  \nMost states have issued some tax-exempt bonds to finance their operations.Butaccording to Maine Educational Loan Marketing Corp.(MELA)President RichardPierce,his state had all of its requests for tax-exempt bonds turned down andthus uses only taxable financing.  \n\"We have no cushion to fall back on as the financial climate changes,only thedeficit that we had when we began business,\"Pierce said.\"Under these circum-stances,it becomes questionable whether we can make a secondary market likeours work.\"  \nPierce added MELA would come even closer to going out of business if the admin-istration gets its way and Congress lowers the special federal allowance paidto compensate lenders for making GSL loans.The rate presently gives lenders a  \n3.5 percent allowance above the Treasury Bill rate.--Bill Reinhard  \n# BENNETT ADDS TWO MORE PERSONAL ADVISERS\n\nEducation Secretary W1lliam Bennett ye","cbCaiv9t7iwhQ5lq","https://ap.wps.com/l/cbCaiv9t7iwhQ5lq","pdf",1795903,"English","# TAX-EXEMPT BONDS ESSENTIAL FOR STUDENT ACCESS TO GSL'S\n## Cramped Finances\n# BENNETT ADDS TWO MORE PERSONAL ADVISERS","[{\"question\":\"Why are tax-exempt bonds important for student access to GSL loans?\",\"answer\":\"Tax-exempt bonds help state agencies raise capital to fund student loans and secondary-market operations. If bonds are curtailed or taxed, the availability of these financing channels could be reduced, threatening continued access to GSL lending.\"},{\"question\":\"What concern do the witnesses raise about taxing tax-exempt bonds?\",\"answer\":\"Smaller secondary markets and guarantee agencies would have the most difficulty financing student loans because of reduced profit potential. That could lead them to exit the program, decreasing capital available for GSLs and limiting student access.\"},{\"question\":\"How did Education Department regulations affect states’ use of tax-exempt bonds?\",\"answer\":\"Regulations allowed tax-exempt bonds only as a last resort. States had to show that funds were not available from Sallie Mae or a bank, and the article reports that the subcommittee chairman believed the Education Department interpreted these technical amendments too restrictively.\"}]","TAX-EXEMPT BONDS ESSENTIAL FOR STUDENT ACCESS TO GSL'S - read online news | PDF",1790611271,18]