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The federal government has always backed loans through private banks for years. Effective today, President Obama will sign into law that student lending will be a government run program. For students, the paper work process and interest rates will be much of the same as they have always been. However, the whopping $7 billion a year collected in interest rates will now go to the federal government instead of banks. This extra loot will be used towards Pell grants for low income students, community college support and reducing the deficit. This “new lending law” has most people thinking, “IT IS ABOUT FREAKING TIME!”

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