WASHINGTON, July 11 — The House on Wednesday approved far-reaching changes in student aid programs, voting to cut $19 billion in federal subsidies to student lenders over five years, while increasing grants for needy students and halving interest rates on federally backed loans with the savings.Back in January, Pete Sessions was one of only 71 Members of Congress to vote against cutting student loan interest rates, so it's no big surprise that he voted against college students.
Here's another excerpt from the New York Times article:
The bill marks a stark reversal of fortune for the student loan industry, which for over 10 years had largely enjoyed unflagging support under the Republican majority. Investigations by Congress, the news media and the New York attorney general bruised the standing of lenders, exposing systems of paying colleges commissions to win business, offering college officials free trips and other perks...
...Pointing to increases in college costs that have outpaced inflation by nearly 40 percent over the last five years, Representative George Miller, Democrat of California and chairman of the Education Committee, likened the legislation to the G.I. Bill, which began government financing of higher education in exchange for military service in 1944.
“That took us to the first place in the world, and we’ve been there for 50 years,” Mr. Miller said. “This is about a new investment for the next generation.”