The New York Times reports that there is a fight taking place up at Congress over Obama's proposed plan to remove all federally-subsidized student loans, which have been going to banks to use for themselves to send out loans, and have the government directly have more money to give financial aid. The article also notes that this could mean increasing Pell Grants (YES!).
This is great news, given that the private loan industry is just ridiculous (i.e. variable interest rates!). Supporers of Obama's plan argue that the private loan industry has already been charging "hefty fees" to students, but opponents of the plan say that the private loan industry has already been providing reasonable service to its clients.
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