Bad Credit Online Magazine - Daily News and Advice on Credit, Debt and Mortgage : Student loan subsidy loophole closure is approved by House Education and Workforce Committee
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July 23, 2005
Student loan subsidy loophole closure is approved by House Education and Workforce Committee
The approval vote was 27-20. The elimination of this loophole will likely mean higher student loan interest rates. That is according to Blogger News Network.
Other changes - "the amount of loan principal insured against default for lenders would be reduced to 96% from 98%, and for guaranty agencies, the amount insured against default would decrease to 93% from 95%."
Few other loopholes from which lenders have benefited for a long time will be closed.
Posted in Student Loans at July 23, 2005 04:56 PM
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