WASHINGTON, Sept. 15 (UPI) -- The Obama administration supports U.S. House passage of the Student Aid and Fiscal Responsibility Act of 2009, the Office of Management and Budget said.
"The administration is pleased that the bill will make key investments in college affordability and education reform, eliminate wasteful subsidies to financial institutions and save taxpayers money," the White House said Tuesday in a statement of administration policy on the direct student loan program.
"The administration supports the bill's reforms that would stabilize student loan programs using proven, private-sector practices," the OMB said.
Under the bill, H.R. 3211, students and taxpayers "would no longer be subjected to uncertainty when there is turmoil in the financial markets."
The administration also supported inclusion of President Barack Obama's American Graduation Initiative that would reform the nation's community college system and early childhood education, as well as modernizing federal Perkins loan and Pell grant programs
"The administration commends the Congress for its commitment to making education a national priority," the statement said. "The administration looks forward to continuing to work with the Congress to strengthen this vital legislation."
