“This legislation provides students and families with the single largest investment in federal student aid ever,” said Representative George Miller, Democrat of California and chairman of the House Education and Labor Committee, who wrote the bill. “Today, the House made a clear choice to stop funneling vital taxpayer dollars through boardrooms and start sending them directly to dorm rooms.”
Under the current program, the government pays subsidies to lenders and guarantees the loans. All colleges would be required to convert to the federal Direct Loan program by July 1, 2010.
The measure passed handily in the House; looks like it will breeze through the Senate also. Finally some measure of sanity prevails, if only for a moment.
