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The New DU. Reply #71: That needs to be "undone".
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Thu May-06-10 07:21 AM
Response to Reply #70 |
| 71. That needs to be "undone". |
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I send my student loan payments to "Direct Loans of US Dept of Education".
If US govt is backing student loans (thus suffers loss if anyone defaults) why should the banks get the loan (which they can't lose money on).
Losses -> US govt
Profits -> Banks
There is no competition in federal student loans. Everyone qualifies, everyone has same max, everyone has same interest rate.
No reason for banks to be involved.
Have Directloans issue all future student loans.
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