House Bill Would End Direct Student Lending By Banks

Law360, New York (March 22, 2010, 12:52 PM EDT) -- The U.S. House of Representatives has approved a measure that would make the federal government the primary originator for all federal student loans, eliminating a program that provided government subsidies to banks and other private financial firms making billions in loans to U.S. students each year.

House members voted 220-211 late Sunday to pass H.R. 3221, the Student Aid and Fiscal Responsibility Act, as part of a reconciliation package in legislation overhauling the nation's health care system.

The bill, sponsored by House Education and Labor Committee...
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