Secretary of Education Duncan Pushes for Student Lending Reform
The New York Times reports that during a February 17, 2010 conference call with the media, Secretary of Education Arne Duncan rallied in favor of legislation, currently stalled in the Senate, which would reform student lending. Under the Student Aid and Fiscal Responsibility Act, H.R. 3221, all new federal student loans would originate by direct government loan, putting an end to federal subsidies to private lenders in the federally-guaranteed student loan program. The plan has been met by significant resistance from lenders and trade groups.
