The Bush administration will get broad price-setting powers under a student loan market stabilization plan given final approval on Thursday by the U.S. Congress, lifting the stock prices of student loan providers.
The House of Representatives voted 388-21 to approve the bipartisan legislation that next goes to President George W. Bush, who is expected to sign it into law.
Bush said he was pleased Congress had quickly passed the measure he says could potentially help millions of students.
"By granting the Department of Education greater authority to purchase Federal student loans, today's action should ease the anxiety many students may feel about their ability to finance their education this fall," Bush said in a statement.
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