October 8, 2004

Republican Lawmakers Propose Bill to Temporarily Close Loophole Worth Billions to Lenders

By KELLY FIELD

Backed into a corner, Republican lawmakers last week introduced legislation to close a loophole in federal student-aid law that has provided billions of dollars of subsidies to lenders.

The bill's sponsors say they expect it to clear both the U.S. House of Representatives and the Senate this week.

The legislation, offered by the chairmen of the House and Senate education committees, would close the loophole for a year, giving them time to complete work on legislation to renew

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