The Big Picture
CQ Researcher has a 11/20/2009 report called the "The Value of a College Education" that discusses issue points.
The House Hearing on Student Aid and FiscalResponsibility Act of 2009 is very detailed and hard to follow. The dissenting Republicans start around page 200 and the defense of the current program is pretty interesting in terms of who gets hurt by changes-- not necssarily student borrowers:
Congressional Budget Office has some documents: