Obama signs law finalizing health care, loan redo
By PHILIP ELLIOTT, Associated Press Writer
Philip Elliott, Associated Press Writer ? 3 mins ago
WASHINGTON ? Finalizing two major pieces of his agenda, President Barack Obama on Tuesday sealed his health care overhaul and made the government the primary lender to students by cutting banks out of the process. ?
The new law makes a series of changes to the massive health insurance reform bill that he signed into law with even greater fanfare last week. Those fixes included removing some specials deals that had angered the public and providing more money for poorer and middle-income individuals and families to help them buy health insurance. ?
The law strips banks of their role as middlemen in federal student loans and puts the government in charge. The president said that change would save more than $60 billion over the next 10 years, which in turn would be used to boost Pell Grants for students and reinvest in community colleges.
?[T]he change reflected in the new law represents a significant loss in what has been a $70 billion business for the banking industry.
Among many other features, the new law is expected to make it easier for some college graduates to repay loans.
http://news.yahoo.com/s/ap/20100330/ap_on_bi_ge/us_obama_student_loans