The bill, passed on a party-line vote of 253-171, would save $87 billion over 10 years by abolishing subsidies to banks that have been criticized as excessive, supporters said. Most of the money saved would be channeled to increases in Pell grants for low-income students.According to Dallas Morning News, Texas ranks second in the nation in student loan defaults; still, no Republicans in the Texas delegation cross party lines to support this bill (see Roll No. 719)
"We can either keep sending these subsidies to banks or we can start sending them directly to students," said Rep. George Miller, D-Calif., lead sponsor of the bill.
10 months ago