Thursday, September 17, 2009

Maybe Some Very Good News for Students, at the Expense of Banks

An act to end the federally subsidized student loan program and to replace it with more generous Pell grants and a direct federal loan program passed the House today and is on its way to the Senate. 
If this goes through, it will be good news for everyone except the banks.  It will mean more generous loans for students at less usurious rates.  It will mean a more generous grant program, and more money free to spend on community colleges and basic education.
It will also mean saving a lot of money.  No more subsidies and loan guarantees to the banks.

With the Baucus Plan playing to quite a bit less than rave reviews from everyone (except the insurance industry), we might actually get a decent health insurance reform bill.  This is certainly a good sign. 

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