The Obama administration appears to be headed for a tough battle with the private student loan industry and its supporters in Congress. The Congressional Budget Office wants to forgo subsidized loans for direct government lending, a move that the loan industry says may cost them billions. President Obama wants to end a subsidized loan program and redirect billions of dollars in bank profits to scholarships for needy students. For more on this looming battle, The Takeaway talks to David Herszenhorn from our partner The New York Times.
For more on the looming budget battle, read David Herszenhorn's article, Plan to Change Student Lending Sets Up a Fight, in today's New York Times.