[WhyisaTexasgirlinPA]

I’m listening to the whole idiotic idea of the savings from the government takeover of the student loan industry. Does no one realize that the money is paid out, but NOTHING is paid in until 6 months after the student graduates? So that is, at minimum, 4 1/2 years of money being paid, nothing coming in....In the past the gov only paid something like a 1/2 percent to the banks to keep this going - well below what they were making - but at least the money was being paid by the bank, and not by the feds. Any long term savings is already spent in promised Pell Grants -and with the need to add employees to the fed ranks to handle this new program, how is there going to be any savings? How stupid is this congress?

[NeoCaveman]

There is no “savings”

This is Hugo Chavez style nationalization of what was a quasi socilaist enterprise

[VRWCmember]

Any long term savings is already spent in promised Pell Grants -and with the need to add employees to the fed ranks to handle this new program, how is there going to be any savings? How stupid is this congress?

Anytime Congress talks about "savings" you know they are lying.