Submitted by Alex Hamilton (not verified) on November 14, 2008 - 2:11pm.
The Direct Loan program WAS withering on the vine until two extraordinary, EXTERNAL events occurred:
1. Congress forced lenders who want to participate in FFELP to make student loans at a loss or barely breaking even.
2. The worst financial markets crisis since the 1920s, if not in American history, occurred, causing the capital markets that finance student loans to seize up.
Note there is no No. 3 – no “The Direct Loan program dramatically improved its service."
This may remind readers of what has been said about W. and H.W. Bush. To paraphrase, the Direct Loan program was born on third base and it thought it hit a triple.
Burdbrain
The Direct Loan program WAS withering on the vine until two extraordinary, EXTERNAL events occurred:
1. Congress forced lenders who want to participate in FFELP to make student loans at a loss or barely breaking even.
2. The worst financial markets crisis since the 1920s, if not in American history, occurred, causing the capital markets that finance student loans to seize up.
Note there is no No. 3 – no “The Direct Loan program dramatically improved its service."
This may remind readers of what has been said about W. and H.W. Bush. To paraphrase, the Direct Loan program was born on third base and it thought it hit a triple.