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Higher Ed in the News

Revised student loan bill part of massive health care legislation

March 22, 2010

Along with the major health care legislation, the House on Sunday approved a major revamping of federal student loan programs that eliminates fees paid to private banks to act as intermediaries.

Instead, the government will expand a direct lending program, a step that the Congressional Budget Office said would save taxpayers $61 billion over 10 years, and use the money to increase Pell grants for students.

The student loan bill will spend an additional $36 billion on Pell grants over 10 years.


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