Student Lending Bill Passes Senate Unanimously
May 1, 2008 |
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After the mid-April House passage of a bill to address the shortage of student loans caused by the credit crunch, the Senate voted unanimously May 1st to pass a similar bill. According to the Wall Street Journal, Congress acted quickly to address the issue in time to help students applying for loans for the fall semester. President Bush has expressed support for the measure.
Both the Senate's version of the bill and the House's allow the government to temporarily buy more student loans to pump cash into the market. The two versions also allow students to borrower larger dollar amounts in federally-backed loans.
Experts expect the House to pass the amended version.
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