Democratic lawmakers seeking a thorough overhaul of the $92 billion U.S. student loan market were expected to score a win in the days ahead from a favorable finding by the Congressional Budget Office.
With a House of Representatives floor vote anticipated next week, the CBO was expected to say the Democrats’ bill would save taxpayers more money than a rival plan being put forward by student loan companies, a congressional aide told Reuters.
The CBO statement will likely mark a turning point in a long-running struggle over the biggest shift in U.S. higher education finance in 35 years.
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The House Education Committee in July approved the Democrats’ bill, which would shut down the $55 billion Federal Family Education Loan Program (FFELP) and shift most student lending into a program run by the Education Department.
About time.
