Today’s New York Times has an editorial about ending a federal student loan program that provides welfare to private finance companies (including banks) even as it rips off college students. Eliminating these financial middlemen will enable the US to save $94 billion over the next decade according to the Congressional Budget Office. The government would instead make direct loans to students.
According to the editorial, “Private companies that reap undeserved profits from the federal student-loan program are gearing up to kill a White House plan that would get them off the dole and redirect the savings to federal scholarships for the needy.” The Times argues, “Congress needs to finally put the taxpayers’ interests first.” Not to mention putting our students first, too!
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