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July 22, 2009

House Advances Measure Reducing Private Role in Student Loans
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A House panel has approved a measure that would significantly curb the
role of private lenders in federal student loans. On Tuesday, the House
Education and Labor Committee voted to advance the Student Aid and
Fiscal Responsibility Act of 2009. The bill would eliminate a program
that subsidizes banks to make student loans and replace it with direct
lending from the government itself. Democrats say the measure could save
an estimated $87 billion over ten years.



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