Tucked inside the health care reform bill that congress passed on Sunday was a bill that will reform the student loan system. By changing how student loans get administered, the student loan bill will create $ 61 billion in savings within 10 years. $ 30 billion of those savings will be put back into education, while another $ 10 billion will go to deficit reduction. Student loans will no longer be administered by financial institutions – instead, the Department of Education will administer them.

Focusing the student loan bill on cost savings

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Student loans are usually needed when grants and scholarships don’t cover the cost of attending school. It can be overwhelming trying to find the perfect loan when you’re comparing student loan programs. Often times the terms and rates can be confusing and hard to keep straight. Here’s a quick rundown of the most popular student loan programs and lenders.

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