October 15, 2004
House Passes Bill to Close Loophole Temporarily
The U.S. House of Representatives overwhelmingly approved legislation last week to temporarily close a loophole in federal student-aid law that has provided billions of dollars in subsidies to some lenders.
The bill, offered by the Republican leaders of the House education committee, would close the loophole for a year, giving lawmakers time to complete work on legislation to renew, or reauthorize, the Higher Education Act, in which they would close it permanently.
Under the
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