May 18, 2001
Congressional Budget Plan Includes Big Gain for Private Lenders of Student Loans
A multibillion-dollar subsidy for private lenders in the guaranteed student-loan program would be extended to 2011 under a budget resolution that Congress approved last week.
The subsidy, which is slated to end in 2003, would cost taxpayers $6.6-billion over the next decade. The extension was added to the budget resolution as House and Senate negotiators worked out differences in the legislation.
The extension has angered some advocates for student borrowers, but it has faced
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