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Ear to the Ground

Obama Signs Student Loan Legislation

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Posted on Mar 30, 2010
Obama
whitehouse.gov

Dual-action legislation: In his weekly address last Saturday, President Barack Obama talked about the student loan system changes he made official on Tuesday.

President Barack Obama made the short trip to Northern Virginia Community College on Tuesday to put the final touch—his signature—on legislation that included additional action items on the health care reform list and an overhaul of the federal student loan system.  —KA

The New York Times:

“That’s two major victories in one week,” he said to a hall full of students and other guests at the Alexandria campus of Northern Virginia Community College, where Jill Biden teaches English. While he touted again the health care overhaul, the president said, “what’s gotten overlooked amid all the hoopla, all the drama of last week is what’s happened with education.”

The new law will eliminate fees paid to private banks to act as intermediaries in providing loans to college students and use much of the nearly $68 billion in savings over 11 years to expand Pell Grants and make it easier for students to repay outstanding loans after graduating. The law also invests $2 billion in community colleges over the next four years to provide education and career training programs to workers eligible for Trade Adjustment aid.

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By no credit check loans, December 22, 2011 at 7:30 am Link to this comment

Anyone who thinks the private sector does a superior job at providing customer service and benefits than the government has never taken out a student loan. The “service” they provided, which was simply government-subsidized profit-margin boosting outsourcing (socialism—quelle horreur!!!), was absolutely terrible. In all my years of taking out student loans (nearly $200,000 for college and grad school), I did everything I could to make sure I was taking out the superior government loans rather than using some middle-man who was trying to use my tuition fees to pad his own pocket. Another great job Obama, keep ‘em coming and I’ll personally lead the fight to amend the constitution so you can run for a third term.

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