Just as Loyola University, in response to the Truth in Lending Act, took away its previously offered promissory notes, President Obama offered a ray of hope for future college students.

Of course private lenders that have been the middlemen between the government and the students taking out loans are outraged that the government is personally taking over the student loan process, but I for one am elated. With the government totally in control of its  money it set aside for federal aid, the federal loan program will operate much more efficiently and fairly than it did with the involvement of private lenders.

I have no doubt that the current version of this federal loan overhaul will require some tweaking in the future,  but overall, the attention to details such as the new repayment cap (ten percent of a graduate’s income, compared to the current 15 percent) and the introduction of a new overall education budget leads me to believe that our government has done a good thing.

Our nation’s federal loan system is actually a lot like our health care system; both have become broken over time, and now both require radical, somewhat experimental change in order to become advantageous to the American population again.

Chad Carlile is a psychology sophomore. He can be reached at [email protected]