You have to read this:
Basically, Congress, in 2007, made it unprofitable for private lenders to loan out money for education. So the federal government has been ponying up some of the student loan money.
All this money from the federal folks was supposed to end next year.
But the deal is, now that Congress has made the student loan system fail, Mr. Obama plans to take it over.
And Congress is fudging the numbers to make it look like "below market" loans will save everyone money. Even I would look askance at that assertion.
So, Democrats in Congress are lying, but still plan to get this passed on "Reconciliation" in order to help "balance the budget" (just disregard that little oxymoron).
Colleges all over the country are complaining--the federal government has not ever been very conscientious in making their payments (not even in cash-for-clunkers--auto dealers are STILL waiting for their money).
They screw it up. And we, the taxpayers, get to pay for all of this.
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