May 2, 2008
House of Representatives OKs Student-Lending Bill
The U.S. House of Representatives in April approved legislation aimed at averting a crisis in student lending.
The bill (HR 5715), which passed by a vote of 383 to 27, seeks to stem the departure of loan companies from the federally guaranteed student-loan program. More than 50 lenders have left the program in recent weeks as a result of a credit crunch that has rippled across the financial sector, making many types of lending less profitable.
To encourage lenders to remain in
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