Score one for Wall Street. The student loan industry has convinced Senator Blanche Lincoln to vote against the healthcare reconciliation bill on the grounds that it contains "matters unrelated to healthcare" -- code for student loan reform, as David Dayen notes. more »
As the healthcare bill moves to the Senate for consideration under the reconciliation process, the fight to block real reform continues — for bank lobbyists, at least. more »
With billions in profits on the line, banks have waged an intensive, multimillion-dollar political and lobbying campaign against changes in the federal student loan program that would end billions in subsidies for the banks. They have enlisted six Democratic senators to raise concerns about the reform effort with Senate leadership. This report documents the extensive ties between the six senators—Blanche Lincoln, D-Ark.; Mark Warner, D-Va.; Tom Carper, D-Del.; Ben Nelson, D-Neb.; Bill Nelson, D-Fla., and Jim Webb, D-Va.—and major players in the student loan industry. more »
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Something so simple, so easy: end tens of billions of dollars in bank subsidies to the private lending industry and return much of the savings back into the hand of students, with the Department of Education providing loans to students directly. A no-brainer right? Well reform may be a no-go, if six Senate Democrats have their way.more »
It is, as President Obama stated, a "no-brainer." Cut the $90 billion in subsides that go to banks to make risk-free student loans that are GUARANTEED BY THE GOVERNMENT, go to direct lending, and use the money saved to increase Pell grants and tuition tax credits for working families so more poor kids can afford college. $90 billion over 10 years isn't bubkas. more »
The Student Aid and Fiscal Responsibility Act seeks to provide relief to millions of students, parents and workers struggling to obtain a college degree or training for a better job. more »
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It should be, as the President once called it, a "no-brainer": Overhaul our broken system for distributing federal student loans. Stop giving banks undeserved profits for administering these loans (an estimated $80 billion over ten years), since they take no risk and have managed the program poorly. Make sure our money goes directly to the young people that need them the most. Who could be against that? In fact, the student loan reform bill has already passed the House. more »
The president rightly calls it a "no brainer." Direct lending to college students that saves $90 billion in excess subsidies to big banks and uses it to pay for college grants for poor kids and tax breaks for working families to help pay for tuition. This isn't complicated. The House passed it overwhelmingly last year. more »
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