More Money for Students

April 9, 2005

The March 24 editorial "Close the Spigot" suggested that Congress and the Education Department should take more seriously the calculations showing that subsidizing private lenders to make college student loans costs the government 10 times more than loans made directly by the Education Department.

In fact, some in Congress are taking the issue seriously. We've introduced bipartisan legislation in the Senate and House to end the waste in the student loan program and use the savings to increase Pell Grant college scholarships and graduate student fellowships by $1,000 each per student per year.

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The Congressional Budget Office says our proposal will generate $17 billion in increased financial aid without costing taxpayers or students a dime.


U.S. Representative (R-Wis.)


U.S. Senator (D-Mass.)