Snappy newsletters. Simple Facebook sharing. Spirited comments. Sweet features are waiting… GET THEM NOW!

Hot on Facebook

'Serpent Pastor' Dies of Snake Bite Mack Wolford believed faith compelled him to face the risk »

Congress Delivers Loan Relief for Needy Students

Broad overhaul of student loan industry earns broad bipartisan support

By Jane Yager, Newser Staff

Posted Sep 8, 2007 4:00 AM CDT

(Newser) – Congress yesterday passed a student loan reform bill that slashes billions of dollars from lender subsidies and redirects the funds into grants for low-income students, the New York Times reports. The sweeping measure will cut $20B from federal lender subsidies, halve the interest rate on... Read full story »

COMMENTS

Read the comment policy

You need to Log in to Newser to comment. Don't have an account yet? Sign up now!

There are no comments

A snapshot of the day's best news stories.

View Larger Grid

All Today Yesterday Pick a Date

What's Popular Now on Facebook

'Serpent Pastor' Dies of Snake Bite

Miami Face-Eater Identified

New York Times (Source Grid »)

US • Politics

Congress • student loans • Ted Kennedy • loans • student • Pell grants

More Newser Stories

Student Loan Rate Hike Is Overhyped

Congress is screwing college students in much bigger ways

(NEWSER) - Congress is up in arms over how to keep rates on Stafford student loans from doubling in July, but Mark Kantrowitz and Lynn Shaughgnessy have a question: Who cares? "The partisan posturing is a distraction from far more pressing issues that face students," the college experts write in the New York Times . Stafford rates have only been at their current low rate for about a year, and even if they jumped back up, it would only costs students about $6 extra a month. More»

One Trend Among GOP Freshmen: Debt

Not the national kind, the personal kind

(NEWSER) - Republican freshmen in Congress say they're serious about tackling the US debt—but when it comes to their own personal debt, many have what the Washington Post amusingly calls “a more nuanced view.” At least 30 out of 87 had debts of $50,000 or more last year, according to financial documents released yesterday. Some of that included mortgages on investment properties (mortgages on non-rental properties weren't included) and student loans, but at least seven had credit card debt of more than $15,000. More»

Sallie Mae Chief Quits

Equity firm pressured loan giant CEO to step down, ease buyout

(NEWSER) - The CEO of student loan giant Sallie Mae resigned unexpectedly yesterday in the midst of a $25 billion buyout by a private equity firm. The Wall Street Journal reports that Thomas J. Fitzpatrick was pressured out to stave off Congressional criticism of the buyout by J.C. Flowers and Co, which is taking the company private. The lender's CFO will take his place. More»

House OKs Student Loan Bill, Ignores Veto Threat

Measure to help students gets bogged down in DC politics

(AP) - Republicans defied a veto threat as the House voted today to prevent federal loan costs from doubling for millions of college students. The vote gave the GOP a momentary election-year triumph on a bill that has become enmeshed in partisan battles over the economy, women's issues, and President Obama's health care overhaul. The measure's 215-195 passage was largely symbolic because the package is going nowhere in the Democratic-dominated Senate. Both parties agree students' interest costs should not rise, but they are clashing along a familiar fault line over how to cover the $6 billion tab: Republicans want spending cuts and Democrats want higher revenues. More»

College Tuition Skyrockets Again

Students lean more on government to afford school

(NEWSER) - College tuition headed north yet again this fall, forcing students and their families to lean more on the federal government to get by. Thanks to punishing state budget cuts, the average four-year public school tuition leaped 7.9% to $7,605, according to the College Board, while private nonprofit colleges raised their average asking price 4.5%, to $27,293. More»

NEWS FROM OUR PARTNERS

What is Newser?

Face it: there's too much news. At Newser, we choose the most thought-provoking and entertaining stories from hundreds of US and international sources and reduce them to a headline, picture, and two paragraphs. And we do it 24/7—you can come back morning, noon, night (and in between) for something new that matters. Read less, know more.

Learn more »

Partnering with: Slate

View Newser on the mobile website

Congress Delivers Loan Relief for Needy Students

Broad overhaul of student loan industry earns broad bipartisan support

Congress • student loans • Ted Kennedy • loans • student • Pell grants

MOST POPULAR STORIES

[ By Views ]

[ By Comments ]

More Newser Stories

Student Loan Rate Hike Is Overhyped

Congress is screwing college students in much bigger ways

One Trend Among GOP Freshmen: Debt

Not the national kind, the personal kind

Sallie Mae Chief Quits

Equity firm pressured loan giant CEO to step down, ease buyout

House OKs Student Loan Bill, Ignores Veto Threat

Measure to help students gets bogged down in DC politics

College Tuition Skyrockets Again

Students lean more on government to afford school

About Us

Site

Community

Site Maps

Tools

More News

What is Newser?