Congress May Close Loan Loophole

The secretary of education requested that Congress put an end to a loophole that allowed student loan companies to collect excess money from the government. The companies were collecting at a fixed rate of 9.5 percent even after the guarantee was removed in 1993. With the excess so high, both Democrats and Republicans are expected to agree in the decision to end the loophole. They are, however, in disagreement as to how the money should then be used. The reason the secretary of education chose to go to Congress to act was because that would be the fastest way to put an end to this mess. However, it is still unclear how fast Congress can or will act. http://www.nytimes.com/2004/10/01/national/01loan.html