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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Government in many instances can do it better. Student loan reform –that awaits passage through reconciliation –will end tens of billions in wasteful bank subsidies and give much of the savings to students (via Pell Grants). How? more »
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 »
As Congress returns to Washington, the Campaign for America’s Future calls on the Senate to finish what the House started, and pass Student Loan reform to end billion dollar bank subsidies and invest in students. 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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Representative John Kline (R-MN) and Senator Mike Enzi (R-WY) introduced legislation this week that keeps our broken student loan system in status quo, with corrupt private lenders and federal bank subsidies worth billions. more »
Just when you thought that the dust had settled from the scandals of Wall Street (at least temporarily), details come out of another Ponzi scheme by the titans of banking, this time with student loans. more »
I congratulate the House passing the Student Aid and Fiscal Responsibility Act (SAFRA) —see description of the bill here. This historic legislation commits billions to student aid and higher education investments, while ending wasteful bank subsidies that total $87 billion. more »
The Student Aid and Fiscal Responsibility Act (SAFRA) is expected to be introduced in the House today. A historic bill, it will invest billions in student aid and higher education, while ending subsidies to banks (See Bob Brandon’s post outlining the bill here). more »
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