Interesting to watch Democrats' two-pronged assault on the current healthcare system (pervasively overhauled by Obama) and the current college lending system (taken over by the government under Obama):https://www.nytimes.com/2010/03/31/us/politics/31obama.html …
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In 2010, Maxine Waters - who chairs the House Financial Services Committee - argued that we could save money by cutting banks out of student lending. This month, she dragged the bank CEOs to the Hill to ask why they're not making student loans anymore? https://dailycaller.com/2019/04/10/maxine-waters-pin-student-debt-banks-forgets-nationalized/ …
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There is nothing stopping private lenders from lending to college students. It was already a federal program.
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Except the fact that the government will likely always undercut the private sector rate.
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Turns out the national gov is kind of predatory.
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Oh, please, let's look at the assault on loans from the current administration and the descent back into predatory practices and a complete lack of consumer protections, thankfully spanked by the courts to keep "for profit" DeVos and her partners at bay.
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"nationalizing" loans? Private lenders still have total access to market their student loans, the change was that the Feds wouldn't guarantee the loans. You have a problem with that? You want taxpayers to subsidize private lenders with guarantees? That's socialism.
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Since the federal government provides subsidized loans directly, it killed the market for unsubsidized loans from the private sector.
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You should recall the reasoning behind the change was a result of banks backing away from student loans when the system was crashing in a credit crisis, some say of the banks own making. At that point the percentage of direct loans jumped significantly. As per Waters' questions.
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