Obama signs legislation overhauling student-loan system

03/31/2010 | Financial Times (tiered subscription model)

President Barack Obama has signed a bill that includes measures to reform the student-loan business. The Financial Services Roundtable said that the move would reduce consumer choices, while Republicans said it was another example of government's taking over a private industry. "We have the government running banks, insurance companies, car companies, health care and now the student-loan business," said Republican Sen. Mitch McConnell. "Americans are looking for jobs and economic growth, not for the government to expand its tentacles even further into their lives and the economy."

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