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Student Loan Bill Clears House Committee

Diverse Staffcmaadmin (EDU)

Jul 21, 2009

The Student Aid and Fiscal Responsibility Act of 2009 would largely remove private lenders from the federal student loan industry.

According to the Washington Post, the bill cleared a House committee Tuesday and would generate an estimated $87 billion savings over 10 years to fund more government grants and loans.

Republicans who are opposed to the legislation say it amounts to a federal takeover of student lending.

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