At the heart of the legislation, Congress is aiming to get subsidized private companies out of the student lending business and turn it over to the government. Some predict that the proposal will eliminate up to $80 billion in costs by the end of the next decade by eliminating subsidies that are paid to lenders to keep their interest rates down.
The savings from the payment would be used to make colleges more affordable for low-income individuals by increasing the maximum Pell Grant by $1,400 up to a maximum of $6,900. In order to make up for the lack of affordable private student loans that are expected, the government is planning to offer additional low interest loans to students.
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