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."