Obama Signs Student Loan Overhaul Legislation

But the bill does not actually say that, according to some health care experts.

The law as written actually does not require insurance companies to offer insurance to children or anyone else until 2014 -- so technically, companies can still deny coverage to anyone, including children, for 4 more years.

To resolve the issue the Obama administration is issuing guidelines requiring insurance companies to offer insurance to all children regardless of pre-existing conditions, and the insurance industry says they will abide by those regulations.

Overhauling Student Loans: How it Will Affect You

The reconciliation act includes more than $2 billion over a four-year period for community colleges, which are the largest part of the nation's higher education system, enrolling more than six million students.

The president signed the health care bill last week but the final piece -- a second reconciliation bill that included an overhaul of the student aid system -- had to be voted on in the Senate and then in the House again. Members of the House passed that reconciliation bill late Thursday to clear the way for final passage.

"We are going to bring everybody together to share innovative ideas about how we can help students earn degrees and credentials, and to forge private sector partnerships so we can better prepare America's workforce and America's workers to succeed in the 21st century," Obama said.

The new law will affect millions of students around the country. Currently, about half of all undergraduates receive federal student aid and about 8.5 million students receive Pell Grants.

Critics of the legislation have denounced it as yet another government takeover.

"We have the government running banks, insurance companies, car companies, health care and now the student loan business," Senate Minority Leader Mitch McConnell, R-Ky., said in a statement. "Americans are looking for jobs and economic growth, not for the government to expand its tentacles even further into their lives and the economy. And they're certainly not celebrating this partisan reconciliation bill which hikes taxes even higher in the middle of a recession, and cuts Medicare even deeper for our seniors."

Meanwhile, banks and other industry groups say they will suffer heavy job losses as a result of the law. Sallie Mae, the largest private lender of student loans, has said it may have to cut more than 2,000 jobs.

Republican lawmakers, none of whom voted for the health care bill in Congress, argue that the law should be repealed and that they need to start over on health care overhaul.

"We need to repeal Obamacare and start fresh with solutions that will lower premiums," House Minority Leader John Boehner, R-Ohio, wrote in an op-ed on AOL News. "We need to repeal this jobs-killing government takeover of health care and enact real reforms that will lower health care costs and help small businesses get back to creating jobs."

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