President Obama is reportedly pushing for the government to be the primary lender when it comes to student loans. The President states that private lenders charge too high of an interest rate to students who borrow funds to complete their education; therefore, he wants to axe the private Federal Family Education Loan Program.According to The New York Daily News: " The federal government became the biggest lender for students in the 1970s, but that shifted toward private lenders during the Bush era...About 76% of all student loans the past two years were provided by private lenders, according to industry statistics...About 30% of college students depend on loans."
The New York news source also states that the President of the United States would also like to increase Pell Grants by $500.
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