Once again, President Obama has accomplished one of his top priorities. The Student Loan program will change in ways that will benefit students across the country.
The Student Loan bill which was attached to the Health Care Reform bill to give both the best chance of passing will significantly decrease the reliance of private lenders including banks to make loans to students.
President Obama wants to use the savings to send approximately $4 billion to historically black colleges and community colleges.
According to Rep. Ruben Hinojosa, D-Texas, the chairman of a House higher education subcommittee, moving to the federal government's direct loan program, we will put the best interests of students first and make college loans more reliable and affordable.
The Huffingtonpost reported that the bill rewrites a four-decades-old student loan program, and the savings will direct $36 billion in new spending to Pell Grants for students in financial need.
Many private lenders have promised to continue fighting this bill. They have also stated that thousands of jobs will be lost.
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