Health Reconciliation, Student Lending Reform Are Law
President Obama this morning finalized (sort of) the Democrats’ sweeping health care reforms, signing into law the reconciliation bill that refines the larger reforms he enacted last week. Aside from tweaking the Senate’s version of the health care bill, the reconciliation measure also includes a huge overhaul of the nation’s student lending industry, eliminating $61 billion in federal subsidies to private companies.
“For a long time, our student loan system has worked for banks and financial institutions,” Obama said. “Today, we’re finally making our student loan system work for students and all of our families.”
Sallie Mae, the nation’s largest student lender, felt differently.