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Obama student-loan reform would end lending-industry’s easy money

This week the finance industry reacted with alarm to sections of the Obama budget that would push the banking industry out from the center of the student-loan business and turn billions of dollars in private profits into scholarship money, aiming to cut corruption and lower skyrocketing student debt. The Obama plan is a version of reform plans that have been floated for years as abuses in the student-loan industry have come to light. The difference is that this one is likely to pass into law.