C-Span 2 Senate Hearing on College Loans and Funding

[SharonAnn]

This has been a really good hearing for the last 20 minutes that I've watched it.

Suze Orman blasted the idea of "privatizing" and offering lots of "choices". She pointed out that it was always slanted to the benefit of the lenders and to the disadvantage of the borrowers. She said that the options need to be few and controlled by the government so that the interests of the students and their families are protected.

She didn't have anything good to say about the "sharks" in the student lending business.

Also, another woman (didn't catch her name) described the credit card industry and how it has privileges that no other lender is granted. They can change their interest rate at any time, apply it to previous balance, etc. All of this is to the detriment of their borrowers.

Wow! Thank all of us for a Democratic congress. This rocks! Real discussion, real hearing, and very critical comments about "privatization".