Sounds Good to Me

I remember a time when student loans were held by banks, and it was annoying. They often sold the loans to each other, and more often, did not bother to inform you. I had no idea who was holding what loan. I had 6 different payment books, with student loans ranging from $750 to $30000.

Then Along Came Sallie (Mae), and while I was able to get my students loans consolidated into one payment book, the rates went up to do so. I think the student loan system, as constituted now, is a scam, and I would support this:

"Increased loan fees would raise $2.7 billion and reducing guaranteed lender profit margins would raise another $2.5 billion over the same period, according to CBO. The remainder of the cost would be raised by reducing lender guarantees and retaining certain guaranty agency collections."

However, no good deed goes uncommented on by BushCo, and thus, this bit of b.s.:

Warning that it may be bad to encourage students to borrow more, the White House announced Tuesday that it is opposed to a student loan interest rate cut being pushed this week by House Democrats.

"'Student debt loads have soared in recent years, and it is not clear that encouraging more loans is a wise course', the White House's Office of Management and Budget said in a statement of opposition. Encouraging more debt could 'fuel today's upward tuition spiral', the OMB warned."

Certainly, since Bush is the Fiscal Rock of Gibraltar, it behooves us to take this sage this sage like caution at face value.

Or, because Sallie Mae would obviously oppose such a measure, perhaps Bush is paying off that favor, helping to feed this glorified pay day loan joint more desperate, life time debtors, like me.