In a not-too-surprising announcement after all the recent bad news about student loan firms—and in an apparent “victory” for both Bush and Congress—the White House said today that President Bush intends to sign into law a bill that reduces federal subsidies to those firms, including Sallie Mae, by $20.9 billion over the next five years, and will instead use that money to increase funding for Pell Grants (which recipients don’t have to pay back).
