President Obama wants government to be primary financier of student loans

[Joanne98]

WASHINGTON - President Obama said Friday he wants to end a federally subsidized student loan program using private lenders and restore the government's role as the primary financier for college educations.

"This is not about growing the size of government or relying on the free market - because it's not a free market when we have a student loan system that's rigged to reward private lenders without any risk," Obama said.

"It's about whether we want to give tens of billions of tax dollars to special interests or whether we want to make college more affordable for 8-1/2 million more students," he said.

Obama wants to end the private Federal Family Education Loan program, which charges flexible, but often high interest rates. He maintained that taxpayers could save $4billion a year if the government is again the biggest direct lender and backer of such loans.

http://www.nydailynews.com/news/politics/2009/04/25/2009-04-25_president_obama_wants_government_to_be_primary_financier_of_student_loans.html

[saltpoint]

1. A good idea. Education should be an investment by all for all.

The reactionary Right is the first to squawk at local school levies. "I ain't got no kid in no school, I ain't payin' no taxes for it!"

But it is in everyone's best interest that loans are affordable, available, and accessible, and thoughtfully managed from initiation of the process to the logical conclusion. It's in everyone's best interest that library books are plentiful on grade school library shelves and that there is money for a girls' basketball team in rural Idaho and a Science Fair in Tupelo high school.

Childless citizens need and benefit from as alert and informed and knowledgeable a society as possible. A very concentrated educated citizenry was a goal of the Founders. We could do far better than we currently do at educating young people. We could be less prideful and ask other cultures for their insights and input in shaping a new educational blue print.

We ARE the government. It is the conceit and propaganda of the Right that "the Government" is an alien, intrusive force that cannot be trusted. If WE are the government, though, the investment and management of education -- including loans for the realization of individuals' learning -- is a worthy investment.

It makes sense to keep it "in-house."

[Joanne98]

2. He said, "They've hired and ARMY of lobbyists" Get ready to fight for it!

[saltpoint]

4. Hi, Joanne. Yes. It isn't going to be smooth sailing. But it's worth the

commitment.

Good post, by the way. Thank you.

[glowing]

3. Better idea, Public University should and ought to be free.

[pansypoo53219]

5. yes.

high school is not enough now. therefore, college/trades school should be free.

[Greyhound]

6. Bingo! But that would be just one more step toward the hell that is Socialism!

:sarcasm: