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House of Representatives passes bill to overhaul student loan system
2009-09-18 14:40:28 (GMT) (Caymanmama.com - Education News News)
Reno, Nevada (CaymanMama.com) — The House of Representatives passed a new legislation on Wednesday that will drastically change the way the student loan system works why ceasing the government-subsidized program for private lenders to produce college loans.
In a vote of 253-171 for the bill, and if approved and made into law by the Senate, would overhaul the student loan system by ending the position private lenders have in making student loans. In contrast, the U.S. government would then take the place as the sole direct lender for those types of loans.
According to the Congressional Budget Office, the House bill would save over $80 billion over the course of a decade by putting an end to subsidies to private lenders.
As per CNN.com, “The House bill includes increased spending for Pell Grants for low- and middle-income students, as well as more money for community colleges, early-learning programs, school renovations, and colleges and universities that historically serve minorities.”
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