A House panel has approved a measure that would significantly curb the role of private lenders in federal student loans. On Tuesday, the House Education and Labor Committee voted to advance the Student Aid and Fiscal Responsibility Act of 2009. The bill would eliminate a program that subsidizes banks to make student loans and replace it with direct lending from the government itself. Democrats say the measure could save an estimated $87 billion over ten years.
House Advances Measure Reducing Private Role in Student Loans
HeadlineJul 22, 2009