WASHINGTON - The biggest change in U.S. higher education finance in 35 years was approved on Thursday by the House of Representatives, handing a defeat to major banks and student loan giant Sallie Mae.
Lawmakers voted 253-171 in favor of legislation that would cut the banks and Sallie Mae out of a large slice of the $92 billion college student loan business, shifting most lending into a program run by the U.S. Education Department.
The bill, supported by the White House, will go next to the Senate for further consideration.
$92 billion will probably grind up in the propaganda machine:
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