Student Loans to Become 'Cleaner'

President Obama and Congress are making some changes to student loans and Pell Grants.

Every year, taxpayers subsidize student loans to the tune of $9 billion. Banks service these loans, collect the debt, keep the interest, and turn a profit. When borrowers default on their loans, taxpayers foot the bill, and banks still reap the interest.

It's a great deal for banks and a terrible one for taxpayers.