The Nov. 17 edition of CNN's "Lou Dobbs Tonight" included a segment on student loan reform that prominently featured Michael Dannenberg, director of New America's Education Policy Program.

A video excerpt of that piece is available at right, while the relevant portion of the transcript is included below. For the complete transcript and video, please visit the CNN website.

ANNOUNCER: This is LOU DOBBS TONIGHT, news, debate and opinion for Friday, November 17th.

Live in New York, Lou Dobbs...

DOBBS: You have to borrow money nearly every time if you're a middle class American trying to pay for the skyrocketing costs of even public education in this country, higher education. The incoming Democratic Congress is trying to take aim at the banks that are profiting and profiting hugely while middle class students, their families, struggle with the resultant debt.

Louise Schiavone reports.

(BEGIN VIDEOTAPE)

SCHIAVONE, CNN CORRESPONDENT (voice-over): Higher education, the ticket to success the ticket to debt. Whose fault is that? The institutions that charge tens of thousands of dollars of tuition, or the lenders who are making profits off the loans? At the center of the storm, Sallie Mae.

SEN. EDWARD KENNEDY (D), MASSACHUSETTS: It's interesting that Sallie Mae, that provides the great bulk for the student aid, their stock was $3.17 nine years ago. It's over $50 now -- over $50. Quite a rise because of the profits that they've had over the years. The student loan programs works brilliantly for the banks but not for the students.

SCHIAVONE: The government created Sallie Mae in 1972. Now an independent bank, it manages over $100 billion in loans. The bank's preferred rates begin just under seven percent and where the government doesn't guarantee the student borrower, the rate goes higher. Critics say that's just wrong.

MICHAEL DANNENBERG, NEW AMERICAN FOUNDATION: In 2005, "Fortune 500" listed Sallie Mae as the second most profitable corporation on its "Fortune 500" list. Microsoft was 18th that same year.

People are getting rich off the student loan system thanks to taxpayer support. And meanwhile middle class families are struggling with more and more debt that's harder and harder to repay.

SCHIAVONE: Sallie Mae told CNN, quote, "More than 10 million students and 6,000 schools have chosen to do business with us, because we provide lower-cost loans and better service," end quote....