Submitted by Almost a graduate (not verified) on April 11, 2008 - 3:23pm.
Who writes this stuff? It's got to be someone on Kennedy's payrol because it fits in with all of his nonsense. Why is it that we are blaming the whole thing on the "credit crisis"? The fact that congress has made it nearly impossible for the FFELP to exist speaks volumes to the congressional agenda and how little congress actually understands the issue. My favorite part of the article is this part, "...Congress has not known how much banks need to be subsidized in order to issue loans and provide quality customer service. And Congress isn’t sure how many, or even which lenders it should subsidize". Are you kidding? They don't know? How can they not know? We pay them to know and to protect the tax payers money. IF THEY DON'T KNOW, WHY ARE THEY IN CHARGE? They want Direct Lending to take over for FFELP. It's that simple, and, unfortunatly for students, it's working. There are very good reasons that most schools are FFELP: Students pay less because of borrower benefits; increadible service to students and schools; personal attention to the schools; better control over money coming in for awards, and out for cancelations (something the government can't seem to understand) and the list goes on. Any one that claims the auction is a good thing is dumber and less informed than congress. The FFELP program (except for a few greedy idiots like Sallie Mae)is a fantastic program that works well. Students get their money, lenders provide that money, and schools easily disburse appropriate amounts. Let's do all we can to keep Kennedy's hands off of it and out of it. I feel better now, thanks.
Who writes
Who writes this stuff? It's got to be someone on Kennedy's payrol because it fits in with all of his nonsense. Why is it that we are blaming the whole thing on the "credit crisis"? The fact that congress has made it nearly impossible for the FFELP to exist speaks volumes to the congressional agenda and how little congress actually understands the issue. My favorite part of the article is this part, "...Congress has not known how much banks need to be subsidized in order to issue loans and provide quality customer service. And Congress isn’t sure how many, or even which lenders it should subsidize". Are you kidding? They don't know? How can they not know? We pay them to know and to protect the tax payers money. IF THEY DON'T KNOW, WHY ARE THEY IN CHARGE? They want Direct Lending to take over for FFELP. It's that simple, and, unfortunatly for students, it's working. There are very good reasons that most schools are FFELP: Students pay less because of borrower benefits; increadible service to students and schools; personal attention to the schools; better control over money coming in for awards, and out for cancelations (something the government can't seem to understand) and the list goes on. Any one that claims the auction is a good thing is dumber and less informed than congress. The FFELP program (except for a few greedy idiots like Sallie Mae)is a fantastic program that works well. Students get their money, lenders provide that money, and schools easily disburse appropriate amounts. Let's do all we can to keep Kennedy's hands off of it and out of it. I feel better now, thanks.