As part of the healthcare package, lawmakers have approved an overhaul of the college student loan program, ending federal subsidies to private lenders. The measure ends the forty-five-year-old Federal Family Education Loan Program, which has supported private student lending with federal subsidies. The projected $61 billion in savings over ten years would be used to provide federal grants to needy students and help fund other federal education programs, such as support for community colleges and historically black schools.
Student Loan Package Passed in Congress
HeadlineMar 26, 2010