... for student loans:
The chairman of the House Education Committee has dismissed a last-ditch plea from the private student loan industry and is throwing his support behind President Obama’s plan to end the role of private banks in the federal education lending systems.
The Education Committee, now plans to introduce legislation next week that would rely on direct government lending to replace the federally subsidized loans made by private banks. Administration officials who have reviewed drafts of the legislation said that it substantially adopts Mr. Obama’s proposal.
In a conference call with reporters this week, a number of private-loan industry officials, as well as leaders of some private nonprofit lenders, warned that Mr. Obama’s plan would eliminate competition and create chaos for colleges and students that now use private lenders as they are forced to switch to a fully government-run system.
Gee, I don't get this at all. Aren't people "accustomed to" their existing student loan providers?
NOTE Couldn't be more clear who the unterbussen are, could it?
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Well, Obama's been for the gov't run student loan program from
the gitgo (during primary and general campaigns), so just more proof that he's calling the shots on how health care is progposed, discussed, managed.
As if we needed more proof....
I support this plan, obviously. Actually, Hillary ran on this.
I assume it includes loans for graduate students? My only question is do I get to refinance my graduate loan at the 2% or the 3% the government would charge, or is this only open to current students?
The liberty of democracy is not safe if people tolerate growth of private power to a point where it becomes stronger than their democratic state itself. That, in its essence, is fascism.---FDR
I support the plan too
It's a good plan.
It's only that the logic behind the plan applies, with equal force, to single payer.
So why one and not the other?
First they ignore you, then they ridicule you, then they fight you, then you win. -- Mahatma Gandhi
Well, of course, I agree. But
I'm going to be pretty disappointed if I can't refinance my horrific private graduate loans with this program.
As for why not the other, I have no idea. I guess he's picking winners and losers.
The liberty of democracy is not safe if people tolerate growth of private power to a point where it becomes stronger than their democratic state itself. That, in its essence, is fascism.---FDR
Here's a link to an article that asks the same question
..from a slightly different angle:
Why haven't the private student loan bankster lobbyists ramped up their efforts in response to Obama's plan?
Very curious. Makes me wonder whether there's something pro-bankster in Obama's plan that we haven't noticed.
Off the top of my head, I'd guess that it might be that the Obama plan maintains the current federal student loan borrowing limits. These limits are quite low, compared to the real costs of an undergraduate education. Many many students are forced to look for private student loans to supplement the federal ones.
Well spotted, MsExPat!
n/t
First they ignore you, then they ridicule you, then they fight you, then you win. -- Mahatma Gandhi