College is about to Cost You Even More
Lindsey Burke /
The New York Times and Washington Post are reporting that an agreement has been reached to include a federal takeover of student loans as part of the forthcoming reconciliation package. The New York Times reports:
Democratic Congressional leaders struck a tentative agreement on Thursday that breathes new life into President Obama’s proposed overhaul of federal student loan programs. The deal would bundle the bill into an expedited budget package along with the Democratic health care legislation, which would allow for both measures to be passed by the Senate on a simple majority vote.The bill would end government payments to private, commercial student lenders, leaving the government to lend directly to students. It would also redirect billions of dollars to expand the Pell grant program for low-income students, and to pay for other education initiatives.