March 22, 2010
Student Loan Bill Poised to Pass in Health Vote (New York Times)
WASHINGTON Along with the major health care legislation, the House on Sunday approved a major revamping of federal student loan programs that eliminates fees paid to private banks to act as intermediaries.
Instead, the government will expand a direct lending program, a step that the Congressional Budget Office said would save taxpayers $61 billion over 10 years, and use the money to increase Pell grants for students.
The student loan bill is a centerpiece of President Obamas education agenda, and it was included in the budget reconciliation measure that also made final revisions to the Senate-passed health care bill.