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Obama student loan plan may save more money

</head> <body> <p>By Kevin Drawbaugh</p> <p>WASHINGTON (Reuters) - The Congressional Budget Office said on Friday that a student loan reform plan backed by Sallie Mae and other lenders might save U.S. taxpayers $17 billion less than one backed by the Obama administration.</p> <p>The Obama plan has already been approved at the committee level in the U.S. House of Representatives and is headed for a likely vote on the House floor next week.</p> <p>The student loan industry has been fighting the administration's plan and seeking political support for its own counter-proposal that would preserve a role for the lenders in the student loan system and furnish them steady fee income.</p> <p>Congress' budget researchers said that after counting expenses needed to make the lender plan viable, budget savings from it "would be about $67 billion over the 2010-2019 period -- in contrast to the net impact of $80 billion in 10-year savings for" the Obama bill.</p> <p>In addition, the lender plan "would increase direct spending by about $4 billion over the 2010-2019 period" in other areas, said the CBO in a letter to Representative George Miller, Democratic chairman of the House education committee.</p> <p>Committee spokeswoman Rachel Racusen said: "This shows that the Obama administration's student loan proposal is the superior plan for saving taxpayers dollars."</p> <p>But Sallie Mae spokeswoman Martha Holler said: "This CBO score confirms that mandatory savings of $87 billion are achievable through" both plans.</p> <p>Other student loan groups involved in the counter-proposal include Student Loan Corp, SunTrust Banks and Nelnet Inc.</p> <p>Secretary of Education Arne Duncan will hold a news conference on Tuesday to urge passage of the Obama bill.</p> <p>The education committee in July approved the Obama bill, which would shut down the $55 billion Federal Family Education Loan Program (FFELP) and shift most student lending into a program run by the Education Department.</p> <p>The bill is expected to be approved by the House, where Democrats hold a substantial majority, analysts said. That would send it on to the more closely-divided Senate.</p> <p>(Reporting by Kevin Drawbaugh; editing by Carol Bishopric)</p> </body> </html> </div><!-- end article-body --> </div><!-- end aticle-body-wrapper --> <aside> <ul class="social-share-btns clearfix"> <li><g:plusone size="medium" href="http://wkzo.com/news/articles/2009/sep/11/boost-seen-for-dems-student-loan-plan-house-vote-n/"></g:plusone></li> <li><div id="fb-root"></div><script src="http://connect.facebook.net/en_US/all.js#appId=112315878855956&xfbml=1"></script><fb:like href="http://wkzo.com/news/articles/2009/sep/11/boost-seen-for-dems-student-loan-plan-house-vote-n/" action="recommend" send="true" layout="button_count" width="150" show_faces="false" font=""></fb:like></li> <li><a href="http://twitter.com/share" class="twitter-share-button" data-url="http://wkzo.com/news/articles/2009/sep/11/boost-seen-for-dems-student-loan-plan-house-vote-n/" data-text="Obama student loan plan may save more money" data-count="horizontal">Tweet</a><script type="text/javascript" src="http://platform.twitter.com/widgets.js"></script></li> </ul><!-- end social-share-btns --> </aside> </div><!-- end article-container --> <section class="clearfix text-ad-container"><div class="text-ad"></div><div class="text-ad"></div><div class="text-ad"></div></section> <div id='taboola-below-main-column'></div> <script type="text/javascript"> window._taboola = window._taboola || []; _taboola.push({mode:'thumbs-2r', container:'taboola-below-main-column', placement:'below-main-column'}); </script> <div id='taboola-text-2-columns'></div> <script type="text/javascript"> window._taboola = window._taboola || []; _taboola.push({mode:'text-links-5r', container:'taboola-text-2-columns', placement:'text-2-columns'}); </script> <script> window._taboola = window._taboola || []; _taboola.push({flush:true}); </script> <section class="comment-container"> <h1 class="h2 visuallyhidden">Comments</h1> <a href="/news/articles/2009/sep/11/boost-seen-for-dems-student-loan-plan-house-vote-n/#disqus_thread"></a> <div id="disqus_thread" class="section-widget"></div> <script type="text/javascript"> var disqus_shortname = 'wkzo'; var disqus_title = 'Obama student loan plan may save more money'; var disqus_url = 'http://wkzo.com/news/articles/2009/sep/11/boost-seen-for-dems-student-loan-plan-house-vote-n/'; (function() { var dsq = document.createElement('script'); dsq.type = 'text/javascript'; dsq.async = true; dsq.src = 'http://' + disqus_shortname + '.disqus.com/embed.js'; (document.getElementsByTagName('head')[0] || document.getElementsByTagName('body')[0]).appendChild(dsq); })(); </script> </section><!-- end comment-container --> </article> </div><!-- end of col-1 --> <div id="col-2"> <form class="section-search-form clearfix" method="get" action="/search/"> <fieldset class="clearfix"> <input class="section-search" type="text" rel="Search News" name="q" placeholder="Search News" /> <input class="section-search-submit" type="image" alt="Search" src="http://static.mwcradio.com/images/icons/section-search.gif" /> </fieldset> </form> <div class="ad-300x250"></div> <aside class="aside-module top-stories"> <h1>Top Stories</h1> <ul class="unstyled-list single-col-list"> <li><a href="/news/articles/2014/apr/20/kalamazoos-easter-egg-hunt-attracts-a-huge-crowd/" title="Full Article: Kalamazoo's Easter Egg Hunt attracts a huge crowd">Kalamazoo's Easter Egg Hunt attracts a huge crowd</a></li> <li><a href="/news/articles/2014/apr/20/kalamazoo-water-utility-bills-will-be-going-up/" title="Full Article: Kalamazoo Water Utility bills will be going up ">Kalamazoo Water Utility bills will be going up </a></li> <li><a href="/news/articles/2014/apr/20/2014-kalamazoo-marathon-to-feature-runner-from-each-state/" title="Full Article: 2014 Kalamazoo Marathon to Feature Runner From Each State">2014 Kalamazoo Marathon to Feature Runner From E...</a></li> <li><a href="/news/articles/2014/apr/20/ez-memorial-run-attrracts-hundreds-and-raises-thousands/" title="Full Article: Kalamazoo's E.Z. 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