Bush administration officials said Saturday that there were plans to eliminate a student-loan program in an attempt to remedy budget shortfalls.
According to a proposal from White House budget director Mitchell Daniels Jr., the removal of the program, in which students can consolidate their loans to take advantage of a low, federally subsidized interest rate, would save the government $1.3 billion.
Debtors also have up to 30 years to pay off the debts under the program. The government does not require credit checks on the students, either.
A spokesperson for Daniels told The New York Times that the proposal was very preliminary.
Critics of the program say it allows for exploitation by highly paid graduates, including doctors and lawyers, at the government's expense.
