Student Loan Bill Cuts Subsidies To Lenders

Law360, New York (September 27, 2007, 12:00 AM EDT) -- Though he first opposed it, on Thursday President George W. Bush approved a law that will eliminate roughly $20 billion in government subsidies to student-loan companies, and will use the windfall to halve interest rates on government-subsidized student loans and to increase Pell Grant scholarship money by $11.4 billion.

Bush signed The College Cost Reduction and Access Act of 2007 on Thursday. The law was quickly lauded as, in the words of Rep. George Miller (D-Ca.), “the greatest investment to help students and parents pay for...
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