Friday, October 21, 2005

Student Loan Scamming

From the Washington Post today, sent by a friend at the Project on Student Debt:

...loopholes in student loan law that still permit a practice known as "recycling," which allows lenders to keep earning a very high 9.5 percent interest rate from the government on new loans...If senators are concerned about students, they should end double subsidies for lenders and give the money to students directly, in the form of Pell Grants. They could also support legislation backed by Sens. Edward M. Kennedy (D-Mass.) and Patty Murray (D-Wash.) to retrieve some of the hundreds of millions of dollars wasted, completely needlessly, on this scam.
While they're at it, House members should put pressure on Mr. Boehner to release the Government Accountability Office report on student loan costs that he commissioned in January.

Way to go, guys!

1 comment:

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