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With Partisan Vote, House Passes Student Loan Reform

House lawmakers on Thursday easily passed legislation to eliminate billions of dollars in federal subsidies to private insurers offering low-rate student loans.

Mariella Blankenship
News
Last updated: Jul 31, 2020 | Sep 18, 2009

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.

Mariella Blankenship | Mariella is an SEO writer who helps companies improve their Google search rankings. Her work has appeared in a variety of e-zine publications. She writes articles for site-reference newletter.com on a daily basis about SEO techniques. Her articles strive to strike a balance between being insightful and meeting SEO requirements–but never at the cost of being enjoyable to read.

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