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GOP lawmakers protest ‘government takeover’ of student lending

A group of Republicans this afternoon will meet with reporters to protest the Democrats’ plans to eliminate tens of billions of dollars in government subsidies to private companies that lend to students. The Democrats’ bill would have students borrow directly from the U.S. Treasury, which makes sense to supporters because it’s the Treasury that currently assumes all the risk for those loans anyway — a boon to private companies that assume no risk. The Congressional Budget Office estimates that eliminating the private middleman will save $67 billion over the next decade, most of which will go toward expanding college scholarships to low-income students.