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President Obama’s proposal to transfer a key student loan program from financial institutions to the government would hurt credit unions and students.

Those are among the arguments made by CUNA and NAFCU in separate letters to the House Education and Labor Committee, which held a hearing on the subject yesterday. Obama’s budget proposal, which Congress is currently debating, would eliminate the Federal Family Education Loan Program in favor of having the government provide loans directly. The administration contends the change would save taxpayers $24.3 billion over five years and $47.5 over 10 years. CUNA estimates that more than 1,000 credit unions provide these loans.

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