September 21, 2007

The Student-Loan System Needs a Major Overhaul

By FREDERICK M. HESS and JULIET SQUIRE

This month, Congress voted to cut subsidies to lenders in the federal guaranteed-student-loan program and use much of the savings to increase student aid. Following a hectic summer of activity concerning college financing and affordability, Congress also passed other significant provisions — including modified repayment periods and loan forgiveness for certain students. That burst of legislative action came on the heels of New York Attorney General Andrew M. Cuomo's high-profile

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