1993: The Student Loan Reform Act officially implements the Direct Lending program. Under this program, the government can now directly lend to student loan borrowers, instead of through a private institution, which had been the only system since 1965.
I meant earlier, not later.
But maybe it later became obligatory for the colleges to do the lending. I didn’t see that on the timeline given at that site. It says 1993 was when it became possible for the colleges to do the lending themselves.
I remember this from 1994, when she was applying to colleges. There was a get-to-know-you type meeting in NYC and an admissions officer from the college she ended up going to was mightily po’d about the change from allowable to obligatory.
“ By SUNLEN MILLER, HUMA KHAN and JAKE TAPPER
March 30, 2010, 10:18 AM ET
• 9 min read
March 30, 2010— — President Obama today signed into law the final piece of the health care puzzle, which mandates sweeping changes in the way the nation provides health care and makes the federal government the primary distributor of student loans.
“That’s two major victories in one week that will improve the lives of our people for generations to come,” Obama said.”
But yes, the Clintons started it. It’s money launderusing kids. 1993 to now with a boost and overhaul by prince Stompy Foot quite early on in his reign