Thread: Scheme to Nationalize Student-loan Industry

Scheme to Nationalize Student-loan Industry | Print | E-mail
Written by William P. Hoar
Monday, 15 February 2010 16:00
Item: Following the State of the Union address, Bloomberg News reported on January 28 that President Obama “urged the U.S. Senate to join the House in overhauling the federal student-loan system, saying such a move would end ‘unwarranted taxpayer subsidies’ to banks…. Obama said the cost of the higher-education initiatives would be offset by money saved from his plan to provide all new federal loans directly to students, instead of through private lenders.â€

I had a private college loan thru Wells Fargo. It was a Parent Plus loan. It has been taken over by the Dept. of Education without my permission. Fortunately it is a small loan and we have not taken out any other government backed Parent Plus Loans.
What I don't understand is that my kids government guaranteed loans are still thru the bank of our choice. Wonder why they hijacked one but not both?