Skip to comments.EDITORIAL: Academic malpractice--Senators protect turf while killing student-loan business
Posted on 02/17/2010 7:50:13 PM PST by jazusamo
In the recent annals of senatorial vote-buying, there have been the Cornhusker Kickback and the Louisiana Purchase. Now make way for the Bismarck Earmark.
Sen. Kent Conrad, North Dakota Democrat, seems to be demanding a sop for the Bank of North Dakota to guarantee his support for President Obama's proposed federal takeover of the entire student-loan industry, known as the Student Aid and Fiscal Responsibility Act. The senator is willing to impose this awful idea on the rest of the country so long as North Dakota's own program is spared.
Sen. Patrick J. Leahy, Vermont Democrat, is seeking additional exemptions, as is the Education Finance Council, which is a trade association for the industry's official lenders. Several of these state-specific "nonprofits" have been embroiled in various scandals, including the Iowa Student Loan Liquidity Corp., which coincidentally is in the home state of Tom Harkin, chairman of the Senate education committee and the bill's prime sponsor.
These special favors are galling because they're being granted as the Obama administration pursues a scorched-earth campaign against most of the private lenders that have provided the bulk of college student loans for many years...
(Excerpt) Read more at washingtontimes.com ...
What are the chances it goes under and my student loan debt is erased? ;0)
LOL! That’s a good dream to have. :-)
Shooot. As soon as I heard this I thought, great, no one can find work, people default, and end up having to work off their loans at 250% interest plus fees working for the gov’t for the rest of their lives plus the lives of their kids and grandkids.
Who did you vote for in the last election?