Well, we can hope, anyway!
Sometime ago, Repugnicans got the bright idea to allow private lenders to provide the funds for our college student loan program. Well, why not? I mean, Repugnicans (and too many Democrats), have been bought and paid for by the financial industry. So let's put a few more companies on the public dole.
But, it went further than that. If you, as a student, borrowed money from one of these lenders, and then found you had a problem paying it back, you would be harassed for the rest of your natural life by "collectors" hired by these private companies. A nasty business all around.
President Obama, aware of this chicanery, promised to end it. That promise will hopefully be fulfilled soon. A bill which will toss these private lenders out of the program and turn it over to the government has passed the House of Representative by a vote of 253-171.
According to the AP, "The measure ends subsidies for private lenders, boosts Pell Grants for needy students and creates a grant program to improve community colleges, among other things."
The Congressional Budget Office has estimated this will save the U.S. taxpayers about $87 billion! And this money, instead of lining the pockets of the wealthy, can go directly to students by increasing the maximum Pell Grant amount.
Guess what? Only six Republicans voted for the bill.
Repugnicans in the Senate will do their best to shoot it down. Shame, shame, shame!
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