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.