That's the fate of the private loan companies as described by Barmak Nassirian, head of government relations at the American Association of Collegiate Registrars and Admissions Officers Barmak is the resident philosophe of the higher ed community and is renowned for, among other things, his amazing capacity for catchy quotes.
This particular quote hails from an LA Times article on Monday describing what new Congressional leadership means for private banks. The thesis has been repeated in a number of different sources (thought this may be the best article so far for its quotes from the lending industry and the Democrats)-but basically the Democrats believe that it's possible to more efficiently use higher education taxpayer dollars by cutting waste in the student loan programs and giving it to students.
The lenders are trying to make themselves look like victims-in part by playing revisionist history and claiming that banks, not students took serious cuts in last years reconciliation fight. That is not the case. We're going to have to make decisions in this country about whether we want our tax dollars going to Sallie Mae or to students....
To anyone who checks the blog regularly sorry for the absence-between the holiday and just a crush of work I've been tardy on this post.