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Higher Ed in the News

Obama calls for overhauling student loan system

April 24, 2009

Obama has once more called for ditching a system in which the federal government has for years, essentially acted as a middleman for banks and lending institutions making college loans to the college students.

The president's proposal would switch the federal student loan system entirely to direct lending from the government. Obama has claimed that the change would save at least $48 billion over the next 10 years - money that could be funneled to student aid.

Lenders are fiercely lobbying against the proposal, which would end a historically lucrative business.

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Read more in USA Today.