In September 2007, Congress voted to cut subsidies to lenders in the federal guaranteed-student-loan program and use much of the savings to increase student aid. Congress also passed other significant provisions, including modified repayment periods and loan forgiveness for certain students. Such legislation came on the heels of New York Attorney General Andrew M. Cuomo's high-profile investigations into student lenders and their partnerships with colleges, and his call for new codes of conduct to govern those relationships. This article argues that, while both Congress and Cuomo deserve credit for addressing the challenges and excesses of the student-loan machinery, more must be done to overhaul an outdated and overburdened system that needs a thorough redesign. At least six steps deserve consideration: (1) reassess federal subsidies and guarantees; (2) expand income-contingent loans; (3) streamline the financial-aid application; (4) re-evaluate the HOPE and Lifetime Learning tax credits; (5) make loan originators more responsible for their loans; and (6) improve the training and evaluation of financial-aid officers.