Posted on 09/17/2009 11:03:24 AM PDT by aic4ever
Even as we watched the Federal Government bail out the banking and housing industries due to the rash of subprime lending that took place, many were speculating that the next industry to be bailed out would be the student loan industry. Well, it's on its way.
In something of a sidebar statement over at Patriot Room, Bill Dupray mentions that, while on a blogger's conference call with members of Congress, "there is a debate in the House tonight to eliminate the private student loan industry and have the federal government be the sole source for college tuition."
After I pulled my jaw off the floor, I hit Thomas and did some searching. While they may be debating it in the House, a bill is already in committee in the Senate that would appear to offer what amounts to a nationalization of student loan debt. The bill is S.1541, a bill introduced by Senator Sherrod Brown of Ohio, "A bill to amend title IV of the Higher Education Act of 1965 to authorize private education loan refinancing under the Federal student loan program."
Pertinent information is as follows
(Excerpt) Read more at organizedexploitation.blogspot.com ...
And then Obama will say “Aw eff it, lets just take over the whole thing”.
Only they already did in creating the Dept of Education.
It's “free” money for all at the expense of those that work their tush off to earn it. I know, taxes won't go up. Nah, we'll tax soda to create all this money. Parents that live beyond this means will LOVE IT and so will STUDENTS!!! Oh, and colleges and universities will love it too!!!! What a hit this will make.
There is also a newspaper/journalism bailout on the back burner. We need to keep the LEFTIST propaganda machine alive!!!
I write this with disgusted sarcasm.
/Looter philosophy
They’ve already done it!
We had a student loan through Chase last year, and before the year was out - Chase sold the loan to the government! We know owe the government this money when my son graduates.....
I was not happy! Did any of you know about this? I only found out when the paperwork arrived telling us who owned the loan.
ahh, buying off,,,, err I mean creating a voting base.
Again, no bailouts for WayneS. I just get to keep paying the freight for a bunch of free-loading socialist jackasses.
About 12 years ago I finished paying off my (rather substantial) student loans - almost two years earlier than required by my loan agreement.
I worked my “a$$” off to be able to do it. But, my mom and dad taught me that if I borrow something from someone (be it money or a pencil), it is my responsibility to pay it back in accordance with the terms under which I borrowed it.
My brother and my sister both paid their student loans on or before the due dates as well.
What a bunch of suckers MY family is, eh? If we had only known, we could have just waited for the obamessiah to arrive on the scene!
;^)
I guess if you own something, you can sell it.
But I don’t approve of the government buying private debts.
Congress already screwed with how Student Loans were handled in 2006,resulting in many lenders dropping out altogether. Now they are threating to completely take over the business. It’s my understanding that the Feds only handle 20% of all student loans currently - imagine the mess when they have to jump to 100% with government employees handling the details.....
I got an email from my private (Christian!) university BEGGING me to consolidate one of my loans to the govt so it would be “paid off” to them in the eyes of the govt. I told them to get stuffed. I dont want to be indebted to the govt anymore than I already am.
Unbelievable.
This isn’t loan forgiveness.
I think they’ve taken it over.
Give it time. The number of people who are in over their heads on student loans is rising. Eventually they will number enough to make for a substantive political constituency whose votes can be bought using loan forgiveness as a carrot.
You might be right. I almost see it, though, as an attempt for government to breed more dependence—i.e., there will be a ton of people who will owe the government tens of thousands of dollars. Rather than the government forgiving these loans, I expect they’d prefer to use it as more subtle leverage. Forgiveness would only get votes once. Using a bunch of debt as a new tool of manipulation over the populace (interest rates, payment plans, etc.) over the long term is actually more frightening to me. As wise men have said, he who owes is the slave to the man who holds the debt.
Same with all of my grad school loans. They’ve already been sold to the government. The Dept. of Ed has already tried to mess with my deferment status.
As for this being an attempt to breed more dependence, that is also correct... what better way to ensure a constant stream of voters than to put them on the dole?
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