Obama Signs Student Loan Legislation

Posted on Mar 30, 2010

whitehouse.gov

Dual-action legislation: In his weekly address last Saturday, President Barack Obama talked about the student loan system changes he made official on Tuesday.

President Barack Obama made the short trip to Northern Virginia Community College on Tuesday to put the final touch—his signature—on legislation that included additional action items on the health care reform list and an overhaul of the federal student loan system.  —KA

The New York Times:

“That’s two major victories in one week,” he said to a hall full of students and other guests at the Alexandria campus of Northern Virginia Community College, where Jill Biden teaches English. While he touted again the health care overhaul, the president said, “what’s gotten overlooked amid all the hoopla, all the drama of last week is what’s happened with education.”

The new law will eliminate fees paid to private banks to act as intermediaries in providing loans to college students and use much of the nearly $68 billion in savings over 11 years to expand Pell Grants and make it easier for students to repay outstanding loans after graduating. The law also invests $2 billion in community colleges over the next four years to provide education and career training programs to workers eligible for Trade Adjustment aid.

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