Paul Wants to Phase out Federal Student Loans

WASHINGTON (AP) — Republican presidential contender Ron Paul wants to end federal student loans.

The congressman from Texas says that federal lending for college is a failed program that has put students $1 trillion in debt when there are no jobs and when the quality of education has deteriorated.

Paul unveiled a plan last week to cut $1 trillion from the federal budget that would eliminate five Cabinet departments, including education. The student loan program is not part of those cuts, but Paul said Sunday on NBC's "Meet the Press" that he'd kill the loan program eventually if he were president.

Amid rising tuition, borrowing for college is at record levels. The Federal Reserve says students and parents took out a record $100 billion last year, and owe more than $1 trillion.