NYTimes Article: Lobbying Imperils Overhaul of Student Loans

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  02 February 2010
NYTimes Article: Lobbying Imperils Overhaul of Student Loans

Education Secretary Arne Duncan said the lending industry's lobbying campaign had been anticipated.


"WASHINGTON — Four months ago, it appeared all but certain that the White House and Democrats in Congress would succeed in overhauling the student loan business and ending government subsidies to private lenders.

President Obama called the idea a “no-brainer” last fall, predicting it would take billions of dollars from the profits of private lenders and give it directly to students, and many colleges were already moving to get loans directly from the federal government in anticipation of the next move by Congress.

But an aggressive lobbying campaign by the nation’s biggest student lenders has now put one of the White House’s signature plans in peril, with lenders using sit-downs with lawmakers, town-hall-style meetings and petition drives to plead their case and stay in business."

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  02 February 2010
Nice post. This is a good place to point out that anyone in there right mind who wasn't filthy rich probably would not spend $50,000 hard earned cash on a school if they had to work for that money themselves prior to going to school.

Young people have all gotten in the bad habit that you take out loans to go to school, then you get a good high paying job upon graduation and that they are easy to pay back and it's a process worth going through. It doesn't really work like that. I would avoid private loans at all costs, as well as avoiding overpriced private education that usually falls short in at least one of several important areas.

IRT: Obama campaigned that he was going to get rid of lobbyist's, or at the very least curb their impact. And while he is still taking steps to do so, or at least his rhetoric claims that he is. I Think he is finding out the hard way that this goal must be to do this as step 1 or you won't get anything else done. Cripes the Supreme court, thanks to Bush's crap nominations, just overturned a very important law that used to cap campaign finance that big corporations could spend on political elections. People are pissed about it, but the general public, the people who were born here and aren't Godly rich, have become so disenfranchised and distrusting that they are numb and apathetic to the overwhelming amount of problems we are facing.

People don't notice it but even seemingly innocent companies like Pixar donate hundreds of thousands of dollars per election to the major political players. And they usually donate to both sides (Republican/Democrat) near equally, which has the disastrous effect that the two main candidates get super sized and simply over-shadow any independant 3rd party who isn't getting the same artificial inflation. It's a disgusting process, that needs to be completely stopped if the people are to have their country back. At this point, sadly, even foreign interests can buy an election thanks to the latest Supreme Court blunder. There is talk of getting this reversed, but there are some bad elements in the water constantly fighting against a Democracy for the people, as they want a Democracy for corporations and profit and could care less about the general quality of life for the average citizen.
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  02 February 2010
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