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Article: ON DEADLINE.(General News)
- Article from:
- Credit Union Journal
- Article date:
- September 21, 2009
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Vote To Kill Guaranteed Student Loan Program
WASHINGTON-The House was expected to pass sweeping reform of student lending last week, including the elimination of the guaranteed loan program which has been a profitable source of revenue for CUs and banks. The bill will replace the Federal Family Education Loan Program with the federal government's own direct loans. It will retain a role for private lenders to bid for a limited number of contracts to service loans. The Congressional Budget Office estimates doing so would save taxpayers $87 billion over 10 years. The projected savings would be used to increase grants for lower income students, increase aid for ...