The Senate approved sweeping student-loan reforms Thursday, including the elimination of subsidies for banks to make federal loans.

The legislation was passed along party lines on a vote of 56-43. The bill, which also enacts reforms approved by the House as part of the massive health-care overhaul, was passed under the filibuster-proof reconciliation process.

Subscribe Now

Access to a full range of industry content, analysis and expert commentary.

30-Day Free Trial

No credit card required. Access coverage of the securitization marketplace, including breaking news updated throughout the day.