Yesterday, the Senate passed legislation (H.R. 6889) by voice vote that would extend the Department's authority to purchase FFELP loans to July 1, 2010, the Associated Press reports. The House had already passed the bill earlier this week.

In a letter to Senate education leaders, NASFAA President and CEO Dr. Phil Day urged lawmakers to move on the legislation quickly "to give families as much time as possible to get their financial aid in order."

The bill now goes to the president for his signature.

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