Published Jan 18, 2006
The U.S. Senate approved a bill to cut $12.7 billion over the next five years from federal student loan programs, but the director of financial aid said students would not be the biggest losers - lenders would. Mike Scott, the director of financial aid, said students should not expect changes in their loan programs, but he said the decision by Congress could result in lenders reducing borrower's benefits, such as origination fees - money taken out to start loans.