Congress has approved through the 2010 academic year a program that will allow college students who rely on loans to continue their educations regardless of current difficulties in the private credit market.

The Senate passed the legislation on a voice vote Sept. 17. The bill authorizes the U.S. secretary of education to buy loans from lenders in the federal guaranteed-loan program when those lenders are unable to meet demand. It ensures that lenders will have reliable access to capital to make new loans.

The House passed the bill Sept. 16, and it now goes to President Bush for his signature. The secretary's current lending authority expires in July 2009.

Opinions on the impact of New York Attorney General Andrew Cuomo's investigation into the student loan industry (which reared its head again Tuesday -- see related article) vary widely. Supporters champion it as having shined a light on sleazy practices in which some lenders and colleges engaged, and as ultimately helping students. Critics say it destroyed the careers of several financial aid officers and besmirched thousands of financial aid officers and lenders without ever proving that any individual student paid a penny more than he or she should have.