If you want absolutely authoritative commentary on student aid policy, turn to Barmak Nassirian, a giant of the field, director of the American Association of Collegiate Registrars and Admissions Officers. Here he is in Inside Higher Ed on the Spellings sideshow.
"The postmodern moment was at hand when the Republican Congressional leaders — whose previous 12-year tenure in majority will forever be remembered as the Gilded Age of loan industry rapacity — indicated that they, too, would introduce legislation to restore integrity to the system they had done so much to create. They even joined the Democrats to pass emergency loan legislation, if only to quickly declare the endemic problems of the loan program resolved and to prevent more meaningful reform of the corporate welfare program they have set up for their political supporters in the loan industry. The point of this street theater of contrition, atonement and conversion, of course, is not real change, but a sufficiently convincing appearance of reform."
Student Loan "Sunshine" is not enough. Reforming the relationships between lenders and college aid officials is a miniscule portion of the real problem.