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Even as they passed the bill, officials were already talking about a broader approach to curbing fast-climbing costs and perhaps scrap the deal when they take up a rewrite of the Higher Education Act this fall. As a condition of his support, Sen. Tom Harkin, D-Iowa, chairman of the Senate Health, Education, Labor and Pensions Committee, won a Government Accountability Office report on the costs of colleges. That document was expected to come in December. "Even with this important bill signed into law, much work remains to ensure college stays within reach for middle-class families and those striving to get into the middle class," White House spokesman Jay Carney said Thursday. But for now, interest payments for tuition, housing and books would be less expensive. In all, some 18 million loans will be covered by the legislation, totaling about $106 billion this fall. The Congressional Budget Office estimated the bill would reduce the deficit by $715 million over the next decade. During that same time, federal loans would be a $1.4 trillion program.
[Associated
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