Proposed Changes to Student Loans


	Proposed Changes to Student Loans

ruralart

7-11-2009 7:48 PM

69 views

tags:

student loans, loans, money, education

ruralart says:

Why are taxpayers subsidizing loan companies like this?

1 Comment |

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7-11-2009 8:44 PM

kenstipe

Because we are heading for dark days.

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<div style="margin: 12px 0px; font-family: arial; color: #333333; background: #ffffff; border: solid 4px #e5e5e5; width: 100%; clear: left;"><div class="CM_CTB_Content_Wrap" style="margin: 0px; padding: 0px;background-color: #ffffff;"><div style="border-bottom: solid 1px #dcdcdc; white-space: nowrap; margin-bottom: 8px; background-color: #eeeeee ;background-image: url(http://clipmarks.com/images/source-bg.gif); background-repeat: repeat-x; height: 24px; line-height: 24px; vertical-align: middle; padding-bottom: 4px; color: #666666; font-size: 10px;" ><a href="http://clipmarks.com/clip-to-blog/" title="see clips that are hot right now"><img src="http://content.clipmarks.com/blog_embed/825ff3e5-08bd-4132-b2b1-da0a8c6c3519/6EFF97D3-E653-482E-8D7F-814CA8E9DF97/" alt="" width="19" height="19" border="0" style="vertical-align: middle; margin: 0px 4px; display: inline; border: none; float:none;" /></a>clipped from <a title="http://www.nytimes.com/2009/07/11/education/11educ.html?_r=1&th&emc=th#" href="http://www.nytimes.com/2009/07/11/education/11educ.html?_r=1&th&emc=th#" style="font-size: 11px;">www.nytimes.com</a></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.nytimes.com/2009/07/11/education/11educ.html?_r=1&th&emc=th#"><NYT_HEADLINE type=" " version="1.0">
Obama Student Loan Plan Wins Support in House
</NYT_HEADLINE></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.nytimes.com/2009/07/11/education/11educ.html?_r=1&th&emc=th#"><P>WASHINGTON — The chairman of the House Education Committee has dismissed a last-ditch plea from the private <A title="More articles about student loans." href="http://topics.nytimes.com/top/reference/timestopics/subjects/s/student_loans/index.html?inline=nyt-classifier">student loan</A> industry and is throwing his support behind <A title="More articles about Barack Obama." href="http://topics.nytimes.com/top/reference/timestopics/people/o/barack_obama/index.html?inline=nyt-per">President Obama</A>’s plan to end the role of private banks in the federal education lending systems.</P></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.nytimes.com/2009/07/11/education/11educ.html?_r=1&th&emc=th#"><P>But Congressional Democrats, the White House and officials at the federal <A title="More articles about the U.S. Department of Education." href="http://topics.nytimes.com/top/reference/timestopics/organizations/e/education_department/index.html?inline=nyt-org">Education Department</A> have now rejected that plan, contending that it was based on accounting tricks and would pour $15 billion into the banks’ coffers that Mr. Obama would direct to the Pell grant program for low-income students.</P></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.nytimes.com/2009/07/11/education/11educ.html?_r=1&th&emc=th#">private lenders should no longer be paid by taxpayers to operate a virtually risk-free business in which they essentially use taxpayer dollars to originate loans, with repayment guaranteed, and then resell those loans to the <A title="More articles about the U.S. Treasury Department." href="http://topics.nytimes.com/top/reference/timestopics/organizations/t/treasury_department/index.html?inline=nyt-org">Treasury</A>. </blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.nytimes.com/2009/07/11/education/11educ.html?_r=1&th&emc=th#">save the government roughly $87 billion over 10 years</blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.nytimes.com/2009/07/11/education/11educ.html?_r=1&th&emc=th#">money that the White House says should be used to aid impoverished students</blockquote></div><div style="margin: 0px 6px 6px 4px;"><table style="font-size: 11px;border-spacing: 0px;padding: 0px;" cellpadding="0" cellspacing="0" width="100%"><tr><td style="background:transparent;border-width:0px;padding:0px;">&nbsp;</td><td align="right" style="background:transparent;border-width:0px;padding:0px;width:107px" width="107"><a href="http://clipmarks.com/share/6EFF97D3-E653-482E-8D7F-814CA8E9DF97/blog/" title="blog or email this clip"><img src="http://content9.clipmarks.com/images/c2b-foot.png" border="0" alt="blog it" width="107" height="17" style="border-width:0px;padding:0px;margin:0px;" /></a></td></tr></table></div></div>

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