rssWith Partisan Vote, House Passes Student Loan Reform
Thursday, September 17, 2009 at 4:02 pm
- 9 Comments
House lawmakers on Thursday easily passed legislation to eliminate billions of dollars in federal subsidies to private insurers offering low-rate student loans. The proposal basically cuts out the private companies as middle-men between students and the federal government, which not only subsidizes the loans currently, but also protects the private lenders against default.
The count was 253 to 171, with six Republicans voting for the measure and four Democrats voting against.
Sponsors of the bill say it will save $90 billion over the next decade — money that would be pumped back into the realm of student-aid by funding Pell grants and keeping rates low.
Speaking at a health reform rally at the University of Maryland earlier in the day, President Obama said the bill will eliminate “unwarranted subsidies” to the insurance industry, “money that doesn’t do anything to make your loans any cheaper.”
It’s unclear when the Senate will consider the proposal.
9 Comments
Pingback posted September 17, 2009 @ 5:11 pm
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Comment posted September 17, 2009 @ 10:23 pm
Those companies were designed to trick consumers into thinking that they were participating in a government program. Hopefully this will end at last!
Pingback posted September 18, 2009 @ 5:46 am
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Comment posted April 29, 2010 @ 2:36 pm
The formulation of the law is to punish the evil of human absurdity, so the law itself must be the most pure Paradise. – Montesquieu
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Comment posted August 5, 2010 @ 5:14 pm
hose companies were designed to trick consumers into thinking that they were participating in a government program. Hopefully this will end at last!
Comment posted September 6, 2010 @ 7:59 am
Could we sue the National Student Loans Center?
The National Student Loans Centre has screwed up so many people's credit ratings because of negligence, lost paperwork, etc. Could we band together and bring a mass lawsuit against them for bad business practices?
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