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Student loan market overhaul approved by House

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Nuclear Unicorn Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Sep-17-09 03:31 PM
Original message
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.

http://news.yahoo.com/s/nm/20090917/pl_nm/us_studentloa...
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SidneyCarton Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Sep-17-09 03:34 PM
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1. Good news for me!
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Dappleganger Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Sep-17-09 03:34 PM
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2. Excellent news!
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ThomWV Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Sep-17-09 03:37 PM
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3. Dam good
Edited on Thu Sep-17-09 03:38 PM by ThomWV
The debate on this was very good - very interesting - and of course the outcome is long overdue. This is only a first step though, because just as health care is far outpacing its clients ability to pay so is higher education. It is the great failing of our country that we do not provide free education through the graduate level. Nothing would make the country safer from enemies, both external and internal.
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aikoaiko Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Sep-17-09 03:55 PM
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4. What will this mean for new loans and old loans?

from the student's perspective.
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Nuclear Unicorn Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Sep-17-09 04:02 PM
Response to Reply #4
5. No usury.
:toast:
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