House votes to takeover student loan market

Add the student loan industry to the list of enterprises taken over by Obama.  I heard Rush mention the house vote on a bill that put an end to private, student loans, then read a blog about it by Rep. Michelle Bachmann (R-MN).

From Townhall dot com:

Another month, and another attempt by the Obama Administration to take over a successful portion of the private sector. Banks, cars, and now student loans. I’m beginning to see a trend here.

Today, the House will complete consideration of the Student Aid and Fiscal Responsibility Act of 2009, otherwise known as the public option for higher education (not to be confused with the public option for health care — but the similarities can’t be overlooked). Advocates like the President maintain that if passed, this bill will bring a "level playing field"  between government and private options. Sound familiar?

Apparently it passed the house easily.

I wonder what this means for colleges like Hillsdale?  Will this force them out of business?

God help us!