House Bill Would Kill Subsidized Student Loans

A bill that would push private lenders out of the federal college loan business and massively expand the government's own programs is expected to pass the House today.

Supporters of putting the government in charge of all federal loans say it would save an estimated $87 billion, but not everyone agrees. Republican critics argue it is wrong to put the government in near-total control of student lending.

The money would boost Pell Grants for needy students and pay for a new college completion fund, community college reforms and more college aid for veterans. Money also would be spent on things that don't help pay for college, such as construction at K-12 schools and new preschool programs.

The measure would do nothing to curb college costs, which rise much faster than Pell Grants do.

The bill would fulfill a campaign promise by President Barack Obama.


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