September 17, 2009

UPDATE: Congress Votes Today on Student Aid

Posted by Adam Waxman at 10:15AM

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The House of Representatives is expected to vote today on George Miller's Student Aid and Fiscal Responsibility Act of 2009 (SAFRA), a bill that, if enacted, would channel $87 billion in savings into college access and affordability. I've been covering SAFRA since it was first announced, but the basic gist of the bill is that it would cut private banks out of the student loan business and instead provide the loans directly through the federal government. There's been a pilot program to do this for a little while (called the Direct Loan Program), and it seems to work pretty well.

...As expected, Congress voted to pass SAFRA. This is a significant victory for President Obama, Chairman George Miller (who shepherded it through Congress) and student loan reform advocates. Looking at the roll call vote, this was a bipartisan piece of legislation supported by a diverse coalition. Republicans from all parts of the country joined with the Democratic majority to pass the bill.

Student groups are already crowing about the victory. Here's Campus Progress' statement on the vote:

Campus Progress applauds the passage of the Student Aid and Fiscal Responsibility Act. This bill, the largest federal investment in higher education in our history, provides critical and carefully-targeted aid to young people. By prioritizing the needs of students over wasteful subsidies for loan companies, the bill will enable millions to pursue higher education.