The private student lending industry and its allies in Congress are maneuvering to thwart a plan by President Obama to end a subsidized loan program and redirect billions of dollars in bank profits to scholarships for needy students, reports the New York Times. The plan is the main money-saving component of Obama's education agenda, which includes a sweeping overhaul of financial aid programs. The Congressional Budget Office says replacing subsidized loans made by private banks with direct government lending would save $94 billion over the next decade, money that Obama would use to expand Pell grants for the poorest students....

Subscribe to Read More

Are You an Educator?

Get Free online access to all our
news and resources and get
eCampus News Today email newsletter

About the Author:

eSchool News