Student Loans: Does Public Money Need Private Administration?

The scenario is all too familiar: increased demand and rising costs; diminishing revenues during a major recession. It's not healthcare, it's higher education. Yet -- almost without notice -- the two were packaged together in the reconciliation bill passed by the House on Sunday. The biggest student-loan change in 45 years would eliminate private middlemen in favor of government lending directly to struggling students. Some, but not all, of $61 billion in savings would go to Pell Grants for the neediest. Not one Republican voted for it. We hear the pros and cons.