Community | February 05, 2010 | 5 comments

Plan to Stop Ripping Off Young People Meets Opposition Among Old People Who Run Nation

source: http://gawker.com/5465029/plan-to-stop-ripping-off-young-people-meets-opposition-among-old-p...

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pjacobs51
Fill-in-the-blank: "Four months ago, it appeared all but certain that the White House and Democrats in Congress would succeed in ___." If you guessed "cutting off private student loan sharks from the federal trough," you lose. Sallie Mae wins!

The President wants to end the Federal Family Education Loan program. In the FFELP, the government literally pays private lenders to rip off students. This is called "the free market." Basically there is not a single coherent reason to oppose ending this program, unless you are actually on the Sallie Mae payroll (like Senator Ben Nelson of Nebraska). Ending the program would even save the government $80 billion over the next decade, according to the CBO, so of course "deficit hawks" (like Senator Ben Nelson of Nebraska!) hate this plan. Oh, and the House passed this thing last year. It is stuck in this crazy other legislative body called "the Senate."



http://gawker.com/5465029/plan-to-stop-ripping-off-young-people-meets-opposition...
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5 comments // Plan to Stop Ripping Off Young People Meets Opposition Among Old People Who Run Nation

  • VoyagerFilms
  • dalirock21
    • 0
      dalirock21  

    • i wish we could all agree to just not pay these bastards back, but even if you don't pay them they can have money taken out of your paycheck before you even get your hands on it. or they just steal your tax return.

    • 2 years ago
  • EthicalVegan
  • eternal_springs
  • ocanada
    • +1
      ocanada  

    • This is a part of the 2011 budget, so at the very least we could see this enacted next year. The president is putting alot of weight on it. I think he'll threaten to veto any budget without it. One thing the republicans don't have is 67 votes to overturn a veto.

    • 2 years ago
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