The changes in the student loan program saved billions (68 billion over 11 years) which will be invested in more student loans and save the government millions. This program in the past was a huge giveaway to the banks who took no risk and reaped huge profits at the expense of American students. The object of this program is to aid Americans in getting educated so that our country can compete in the world economy. Due to a corrupt government in the past the system was devised to give a big profit to the banks. Now that has ended and the program has taken a step towards fulfilling it's original purpose.

Do you own or work at a bank? I don't understand how anyone could be opposed to this.

http://www.nytimes.com/2010/03/31/us/politics/31obama.html


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 after dislocation in their industries.


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