Bruns says small lenders will be forced out of the business. There will be less competition and loan costs will go up. But the director of Berkeley's financial aid office thinks the industry is crying wolf.
Cheryl Resh, U.C. Berkeley Financial Aid: "No one wants to them not to be able to be profitable, we just are taking the excess profits and giving them back to the students."
ABC7's Mark Matthews: "To the tune of $18 billion dollars?"
Cheryl Resh: "There was a lot of excess profits out there."
4 comments:
What the heck are "excess profits?" What's next, a cap on the percentage return I get from my 401k? I mean, everyone should retire... but definitely not early!
The thought that a company is too successful is incredulous.
not when their profits are made possible by billions in government subsidies.
Now, that I agree with. I say cut it all.
If you want to go to college, can't afford it, can't make the grades to get a scholarship, and refuse to pick a school or an education strategy that matches your pocketbook, take out a private loan at whatever interest rate the market yields for that level of risk and pay it off by getting an education that will yield a decent living.
That's what I call fair... to students, lenders, and taxpayers.
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