Lenders are fighting a Clinton administration proposal that would require them to bid for the right to make some government- guaranteed student loans.

The Clinton administration and Sen. Ted Kennedy, D-Mass., are urging Congress to establish a pilot program that would test whether rates could be set by an auction. The lowest bidders would be entitled to participate in the program.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.