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March 31st, 2010
The federal act will save money by setting up a direct loan program for students and eliminating private banks, which charge fees, to act as the middle men. Peters said banks have been skimming about $6 billion a year from the federal student lending program.
The federal act also will let students receive two Pell grants a year, even in summer semesters, according to Wanda McCord, a financial aid manager at OCC, which offers 160 programs in emerging fields such as biotechnology, nanotechnology and green technology.
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