A few months ago the House of Representatives passed the Student Aid and Fiscal Responsibility Act, a meaningful reform of the way student loans are dealt with.
In my mind, this bill constitutes one of the Obama administration's most important accomplishments.
To understand why, provided hereafter is an explanation of what the bill does. In recent years, the cost for college has increased tremendously, to the point where total expenses exceed per capita American income. Therefore the federal government encourages banks to loan money to students. These loans are guaranteed and subsidized by the government.
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