The Democratic-led U.S. House of Representatives Sunday approved President Barack Obama's bid to implement what would be the biggest overhaul in decades of the federal student loan program.
Under the legislation, federal subsidies to private student loan lenders would stop and the government's role in lending would increase -- creating billions of dollars in projected savings that would go largely in grants to needy students.
The measure, opposed by private lenders and critics of an expanding federal government, was included in a package of proposed changes to an overhaul of the U.S. health care system.
Monday, March 22, 2010
Nerd News: Increasing Government Role in Student Loans
I've been going on and on about this for a long time now, and here is the latest. My emphasis in boldface: