Obama Signs Student Loan Overhaul

Law360 (March 30, 2010, 7:47 PM EDT) -- President Barack Obama signed a law Tuesday that he said will end subsidies for banks that guarantee federal student loans, saving $68 billion over 11 years by making loans directly through the U.S. Department of Education.

The overhaul of the student loan industry is part of the Health Care and Education Reconciliation Act of 2010, which was passed by Congress to reform the nation's health care system.

According to the White House, starting July 1 all federal student loans will be direct loans administered through private companies that have performance-based contracts with the DOE.

"For a long time, our student loan...

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