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Higher Ed in the News

Student loan law to bring big changes

March 31, 2010

The law that President Barack Obama signed March 30, could mean big changes for students and colleges as the government becomes the primary issuer of student loans.

Basically, the overhaul of student lending cuts banks out of the government-backed student loan business. Under the changes, banks will no longer act as middlemen, and all colleges and universities must switch to the direct lending program by July 1.

Taxpayers will save $68 billion over the next 11 years, according to the Congressional Budget Office.

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