Obama Makes Push to Bring Student Loans Under U.S. Umbrella

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WASHINGTON - President Obama on Friday renewed his call for the government to stop backing private loans to college students and replace them with direct financial aid to young people, a challenge to a decades-old program with strong congressional support.

Obama's plan to eliminate the Federal Family Education Loan program could save $48 billion for taxpayers over the next decade, but critics warn it could turn the Education Department into a national bank. Lenders and some college officials oppose the proposal, which Obama backed as a U.S. senator and pushed during the presidential campaign.

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Obama Makes Push to Bring Student Loans Under U.S. Umbrella

"In a paradox of American life, at the very moment it's never been more important to have a quality higher education, th...

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