Summary
WASHINGTON -- Congress is ending a promise to banks that has allowed them to reap billions of dollars in profits from a federal college aid program.
Legislation halting the federal guarantee of a 9.5 percent rate of return to lenders of certain student loans was passed Saturday by the Senate and sent to President Bush. The bill, endorsed by the White House, won approval Thursday in the House.See the full content of this document
Extract
Banks' Lucrative Deal Halted
The 9.5 percent interest rate on many loans will be replaced with an adjustable rate reflecting th...
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