Senate Passed Student Loan Stabilization Bill
The new bill is designed to stabilize the student loan industry by allowing the Department of Education to inject money into the market. The Bush administration backed this bill as did many others from both sides of the isle including Senator Kennedy.
Investors have been scared by the sub-prime mortgage crisis and another recent bill cut federal subsidies to the industry dramatically so as a result this stabilization bill has been endorsed very widely.
"Millions of families are facing difficult economic challenges at every turn. With this legislation, their children's college dreams won't become the next victims of today's troubled economy," says Senator Edward Kennedy.
