“Legislation hailed by supporters as the most significant change to college student lending in a generation passed the House on Sunday night,” reports the Washington Post. “The student aid initiative, which House Democrats attached to their final amendments to the health-care bill, would overhaul the student loan industry, eliminating a $60 billion program that supports private student loans with federal subsidies and replacing it with government lending to students. The House amendments will now go to the Senate.”
This marks a huge failure for Congressmen John Boehner and Eric Cantor, whose campaign committees and leadership PACs have received piles of dough from for-profit student loan companies hoping to kill this bill.
