In his budget last year, Obama proposed ending private industry involvement in originating in student loans, establishing the federal government as the sole provider of student loans in the country.
The administration argued the move would end costly subsidies to banks allowing it to substantially boost grants for poor students.
The House of Representatives approved legislation implementing the president’s plan, but the matter has stalled in the Senate.
Undeterred, Obama highlighted the issue as a key priority in his State of the Union Address Wednesday.
“This bill will finally end the unwarranted taxpayer subsidies that go to banks for student loans,” Obama said.
McDonnell was selected to give the official Republican response to the State of the Union, providing the governor a national platform for the first time.
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