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The proposed changes to Federal student loans will not forbid private banks from

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hedgehog Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Sep-17-09 09:09 AM
Original message
The proposed changes to Federal student loans will not forbid private banks from
entering the student loan market. All the proposals do is change the program into a student loan program instead of a gratuitous bank subsidy program! Banks will be perfectly free to continue to offer 12% student loans.
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madrchsod Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Sep-17-09 09:35 AM
Response to Original message
1. 12%? ya right...
Edited on Thu Sep-17-09 09:36 AM by madrchsod
it will be a lot more than that. late fees would be a billion dollars. forget about deferments/hardships...pay or will we take everything when you die..oh wait -they all ready do.
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surrealAmerican Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Sep-17-09 10:03 AM
Response to Original message
2. Do you have a link for this?
I have yet to read what changes are being proposed.
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hedgehog Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Sep-17-09 01:39 PM
Response to Reply #2
3. Just caught a story on NPR. They had a Republican complaining that
this will drive the private banks out of the student loan business. IMO, it the real reason for opposition is that it will eliminate multimillion dollar salaries for people in the student loan business! The other complaint was that it would put all the loan clerks out of work. There will still be loan clerks, but as government employees they'll have decent pay and benefits. How long before the private banks take those jobs off-shore, anyways?
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