Changes looming for Colorado college loan program
DENVER, Colorado – A proposed change in federal law could mean that Colorado’s state-run college financial aid program will have to turn over its work to the federal government.
The Obama administration says it wants to revamp the way college loans are made available to families. That could mean CollegeInvest, the state’s largest provider of student loans, would no longer make such loans.
The Obama administration has said the current loan system provides too much money in subsidies to commercial lenders. It wants to direct more of the money to families borrowing for college.
The changes could include eliminating middleman agencies like CollegeInvest
CollegeInvest also provides scholarships and oversees the state’s college savings plans. Those plans wouldn’t be affected by the expected change.
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