The chairman of the House Education Committee has dismissed a last-ditch plea from the private student loan industry and is throwing his support behind President Obama's plan to end the role of private banks in the federal education lending systems, reports the New York Times. Obama's plan remains deeply contentious in Congress, and still faces strong opposition from private banks that for decades have earned big profits for handling federal student loans. But after mulling the issue for months, Rep. George Miller, D-Calif., now plans to introduce legislation next week that would rely on direct government lending to replace the...

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