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|Posted: Sat Mar 27, 2010 1:44 am Post subject: Fed Takeover Of Student Loans Hidden In ObamaCare
|Fed Takeover Of Student Loans Hidden In ObamaCare
So, here we are -- with a majority of Americans feeling distinctly un-American as a partisan takeover of health care was engineered last weekend. But do Americans realize that Congress just took over student loans as well? Unlikely.
Now, not only will government increasingly be making decisions about individuals' health care, but students will also have to deal exclusively with the government to get the financing they need for college. The government will be in charge of the delivery of $1 trillion in federal student loans over the next 10 years. That means 19 million students will have no where to call but to 1-800-DEPT-OF-ED. -- I'm sure the calls will be handled in the order in which they were received. Good luck with that. Competition and choice have been taken away in the student loan market. Let's face it, this experiment can only end badly.
It's frustrating that a law this sweeping was swept under the Obamacare rug. The Senate never introduced a student loan reform bill. It never held a hearing. And proposed changes to the student loan program were never even considered by lawmakers at the committee level.
"Schoolhouse Rock's" Bill is red faced with shame. What's worse is that The Wall Street Journal editorial page and The Washington Times reported on Thursday about certain Democratic Congressmen giving certain non-profit companies in their states non-competitive carve outs...And these are companies that already didn't pay taxes. And there was even a special "carve out" for Democratic Sen. Kent Conrad of North Dakota. But it was taken out at the last minute because it was just too unseemly. At least we know they have standards!
If the tables were turned, Democrats would be crying foul and demanding an ethics investigation. The American people -- and its students -- deserve to know what really happened.
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