March 21st, 2010
03:05 PM ET
5 years ago

Vote could give Washington dominant role in school loans

Washington (CNNMoney.com) - The House is poised to vote on a proposal Sunday that would make Washington the one-stop-shop for cheap student loans and boost funding for need-based scholarships.

While taking up the health care overhaul, the House will also consider another of President Obama's top priorities: cutting out bank middlemen who collect subsidies to make education loans guaranteed by the federal government.

The proposal has been included in the so-called reconciliation bill before the House. If it passes, it is expected to be taken up by the Senate in coming days.

Full story on CNNMoney.com


Filed under: Education • Health care • House
soundoff (9 Responses)
  1. Jeanne

    That's where some of the false "deficit reduction" comes from. Maybe with the fed govt being the exclusive student loan source, they can tell you where you'll go to college, what you'll study, etc. I can hardly wait.

    March 21, 2010 03:32 pm at 3:32 pm |
  2. Bob in Pa

    This is like the mafia ordering us to pay for protection.
    Get these criminals out of Washington.

    March 21, 2010 03:40 pm at 3:40 pm |
  3. Jon

    Wow, go figure, another "under the table deal" for the Washington Crowd. Who would guess?

    March 21, 2010 03:48 pm at 3:48 pm |
  4. GI Joe

    Good – my grandson has college loans that won't be paid back for 25 or 30 years depending on how the bank rates go up (mostly) or down (less likely).

    We need our kids and grand-kids to be educated, but not to the point of bankrupting them for years.

    Not all of us are in the top 2% of the income bracket that have tax breaks and tax write-offs that mean we pay no taxes at all.

    March 21, 2010 03:52 pm at 3:52 pm |
  5. Annie, Atlanta

    It's about time. When the middle man, as in this instance, are the banks, we don't need them. They've caused enough damage already.

    March 21, 2010 04:25 pm at 4:25 pm |
  6. IVOTE

    Higher Education should be available for all high school graduates who choose to take advantage of the grants and loans. Hopefully, the funds will be distributed fairly across the United States.

    March 21, 2010 04:28 pm at 4:28 pm |
  7. Nov can't get here fast enough.

    GI Joe – if your grandkids have student loan payments that won't be paid for years, who's fault is that? People need to start taking responsibility for their own actions & quit asking everyone else to take care of them. The only reason it'd take 25-30 years to pay back student loans should be because they went to medical school for many years & then decided to be a secretary. In that case, they're getting what they deserve. It's not the government's responsibility to give everyone an education. Soon, they'll be dictating to your grandkids what subjects they must study. Freedom in this country is on the verge of being absolutely gone. Get your head out of your backside.

    March 21, 2010 04:30 pm at 4:30 pm |
  8. ServingToProtectFreedoms

    So along with federal control of health care, now there's a move for more federal control of student loans. Well why not, every idiot voting or supporting the Democratic agenda of increasing government control is proving with this health care bill, "Yes We Can". Why? Because this country has become increasingly liberal and is blind to all the rhetoric and cheerleading promoting the agenda.
    As an enlisted servicemember for over 20 years, I'm thankful I got my degree through a tuition assistance program while in the military. If I ever hear a liberal complain about not receiving an education loan, I'll tell that liberal to stop crying because you got what you voted for.

    March 21, 2010 04:53 pm at 4:53 pm |
  9. The Calabash Kid

    Why give loans to college students? I've already finished college. How would it help me to produce more people who will just compete with me for jobs? I work hard and I pay taxes. If it doesn't help me, i don't want it.

    I live in a town with a nice climate. There are no hurricanes, tornadoes, landslides, floods, earthquakes, ice storms, etc. Why should my tax money go to pay for the rescue people who are too stupid to live in a nice southwestern climate?

    I had the good sense to avoid having children because I could see how the 21st century is shaping up. I saw no reason to condemn someone that I loved to a life sentence of global warming, overpopulation, terrorist attacks, polluted air, crappy jobs, no benefits, government by global corporations, inaccessible education, and inaccessible medical care. So I say, "What, the young cannot afford college? Then let them flip burgers."

    March 21, 2010 04:53 pm at 4:53 pm |