Government poised to take charge of student loan business

Filed under: Personal finance, Politics

A new bill that would revamp student loan programs in the United States passed the House of Representatives. The proposed program, which would affect the largest change on college aid since they came into existence in the 1960s would push private lenders out of the business and put the U.S. government in control.

The new measure would end subsidies for private lenders, increase Pell Grants available for students in financial need, and create grants for community colleges. The proposal includes almost all of President Obama's key points on higher education from the campaign trail. It passed the House 253 - 171, with most representatives sticking to party lines.

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Government poised to take charge of student loan business originally appeared on BloggingStocks on Sat, 19 Sep 2009 16:10:00 EST. Please see our terms for use of feeds.

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