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House passes "biggest change in U.S. higher education finance in 35 years"

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ProSense Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Sep-17-09 03:41 PM
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House passes "biggest change in U.S. higher education finance in 35 years"

Student loan market overhaul approved by House

WASHINGTON (Reuters) The biggest change in U.S. higher education finance in 35 years was approved on Thursday by the House of Representatives, handing a defeat to major banks and student loan giant Sallie Mae.

Lawmakers voted 253-171 in favor of legislation that would cut the banks and Sallie Mae out of a large slice of the $92 billion college student loan business, shifting most lending into a program run by the U.S. Education Department.

The bill, supported by the White House, will go next to the Senate for further consideration.

The Senate education committee is drafting a bill similar to the House measure and hopes to take action on it within weeks, said a Senate Democratic aide.

link



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Scurrilous Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Sep-17-09 03:42 PM
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1. Good news!
K & R :thumbsup:
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Joanne98 Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Sep-17-09 03:44 PM
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2. YAY
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SpartanDem Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Sep-17-09 03:44 PM
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3. Good news, but lets see how it does in the Senate
Edited on Thu Sep-17-09 03:45 PM by SpartanDem
aka the place where good bills go to die
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Cha Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Sep-17-09 03:44 PM
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4. I read about this awhile ago and
thought, "great!" and now the House the has voted.
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WCGreen Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Sep-17-09 03:44 PM
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5. Bush out sourced the loans to what amounted to glorified loan sharks...
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HamdenRice Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Sep-17-09 03:45 PM
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6. krnt
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quiet.american Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Sep-17-09 03:47 PM
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7. Excellent news. nt
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flpoljunkie Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Sep-17-09 03:48 PM
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8. Thank you, Speaker Pelosi!
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mopinko Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Sep-17-09 04:05 PM
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9. please please- i have 3 on college now, and a 4th in the spring.
and another in 2 years. please straighten this out.
they were talking about a more sane repayment schedule, also, with some forgiveness for those using their education to serve others. hope those things are still in there.
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damntexdem Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Sep-17-09 04:06 PM
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10. Let's see how Baucus screws this one up. Won't it also need to go through his committee?
So now it's off to the Demonic Senate ... I mean Democratic Senate. ;-)
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Thrill Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Sep-17-09 06:50 PM
Response to Reply #10
13. Watch how the Banks get in there and mess this up
Durbin already said they own the place
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girl gone mad Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Sep-17-09 05:43 PM
Response to Original message
11. Good news..
Hope it makes it through the Senate.
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Rosco T. Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Sep-17-09 06:35 PM
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12. Will this let existing loan shark money be moved to the fed program?
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mwooldri Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Sep-17-09 08:49 PM
Response to Reply #12
14. If you haven't consolidated your private fed student loans...
... you can consolidate them with the Department of Education Direct program...

I needed a consolidation and at the time I needed to do it the Direct Loans program were the only game in town.

Personally I think banks will be glad to be out of the federal student loans program and let the government take care of it all... and stick with the private student loans where they can screw us over rotten.

Mark.
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