Revamping the student loan industry

What the legislation does: It would end the Federal Family Education Loan program, under which the federal government subsidizes banks and other lenders to provide student loans.History: The program started in the 1960s. In the early 1990s, the government started issuing its own loans directly to students. In 2007, the industry came under scrutiny for overcharging the government and offering inducements to colleges.

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