January 6, 2006
Congress Cuts $12.7-Billion From Student-Loan Programs
To balance the budget, lawmakers slash subsidies, increase interest rates, and step up fee collection
In one of its last acts of 2005, Congress took an ax to the government-backed student-loan programs, cutting $12.7-billion to help slow the growth of federal spending over the next five years.
The cuts, which are the largest in the loan programs' histories, account for one-third of a $40-billion deficit-reduction package that lawmakers in both chambers approved just days before
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