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  Sen. Clinton: kill guaranteed student loan program
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ContributorThe Sunset Provision 
Last EditedThe Sunset Provision  Oct 12, 2007 12:44am
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MediaWebsite - Yahoo News
News DateFriday, October 12, 2007 06:00:00 AM UTC0:0
DescriptionDemocratic presidential front-runner Hillary Clinton proposed eliminating federally guaranteed student loans on Thursday, a move that would shake the foundations of the $85 billion student loan industry.

Lenders such as Sallie Mae, Citigroup and Bank of America do a big business in extending federally guaranteed loans to college students.

In a campaign Web site posting, the New York senator said she would pay for a range of higher education reforms "without increasing the deficit by eliminating the guaranteed student loan program."

The guaranteed loan program was hit by deep federal subsidy cuts earlier this year under legislation passed by Congress and signed by President George W. Bush.

A spokesman for America's Student Loan Providers, which represents the industry, said: "The student loan community hopes that Sen. Clinton will reconsider this part of the proposal and recognize the value to borrowers of choice."

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