WASHINGTON, June 13 — The House education committee voted Wednesday to cut subsidies to student lenders and to halve the interest rates on a key student loan program over the next five years.
The bill, approved in a 30-to-16 vote that included many Republicans on the yes side, underscored the vastly changed landscape facing the student loan industry, which is facing major challenges this year, including investigations of its marketing and underwriting practices. The Senate education committee is taking up its own bill next week, expected to include even deeper cuts in subsidies to lenders than the $19 billion in the House bill, and President Bush also proposed cuts in payments to lenders.
This from the New York Times.
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