Released: September 16, 2007

Getting it right with student loans

Source: Eileen Ambrose, Baltimore Sun (Free Registration)

The idea of politicians tinkering with billions of dollars in the student loan program can make anyone a bit wary.

But this time they got it right, with students coming out the winner in legislation passed recently by Congress and to be signed by the president.

The law will cut nearly $21 billion in government subsidies to lenders over the next five years.

Almost all the money will be plowed back into grants for the poorest students, lower interest rates and loan forgiveness for those in careers that society values but nevertheless underpays.

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