Posted on 08/30/2022 4:28:11 PM PDT by Republican Wildcat
WASHINGTON — Ending one of the fiercest lobbying fights in Washington, Congress voted Thursday to force commercial banks out of the federal student loan market, cutting off billions of dollars in profits in a sweeping restructuring of financial-aid programs and redirecting most of the money to new education initiatives.
The revamping of student-loan programs was included in — if overshadowed by — the final health care package. The vote was 56 to 43 in the Senate and 220 to 207 in the House, with Republicans unanimously opposed in both chambers.
(Excerpt) Read more at nytimes.com ...
It was also one of the budgeting tricks the filthy democrats used to say Obamacare was not going to cost trillions of dollars.
The private banks that were in it before made plenty off of the existing loans, and they make their money since it was all guaranteed by Uncle Sam even before 2010.
The private financial firms offered better rates, terms and made a profit for shareholders. Within two years of the government takeover the government agencies running the programs needed federal money to remain in business.
To sum up: The Obama Democrats used student loans and loan forgiveness to buy votes and dissembled about the cost. Now as they leave town they are handing Republicans the bill. As for millennials, they’ll pay in the end with higher tax rates.
https://www.wsj.com/articles/obamas-giant-student-loan-con-1480640259
To me, the Big Education racket is a way to channel borrowed money to liberal profs, admins, and other assorted Democrat affiliates.
Leave it to two far left pixies to refer to this thievery as a “student loan overhaul.” Time to piss test these two.
related thread: https://freerepublic.com/focus/f-chat/4089595/posts
From there we got Obamacare, increased racial polarization, weaponized government, Federalized education (student loans & Title IX for two), politicized military, weakened military and so on ad infinitum!
Yep, that also...
Idiot Maxine at her finest. I was originally going to post a link to The Blaze that provided the video of her questioning the bank CEO’s, but the video was too long, so I figured I’d sum it up. Summing it up though is nothing like seeing her make a fool of herself on national TV.
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