Brain
Posts: 3792
Joined: 2/14/2007
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To me this is just common sense. Instead of the government paying banks to loan money, the government is using that money to fund loans directly. This way, there is a payback. The other way, the only ones who got paid back were the banks who also got to keep that incentive money.
This really isn't a "take over" of anything. It's simply cutting the middle man (in this case the bank) out of the mix and making the whole transaction more efficient.
More About That Government Take Over of Federal Student Loans: Daily Kos
So, you might be asking yourself, what does the latest government takeover of a federal program mean for me? (Seriously, have you read that quote from Lamar Alexander? “The Democratic majority decided, well look, while we’re at it, let’s have another Washington takeover. Let’s take over the federal student loan program.” Seriously, he was Secretary of Education and he doesn't know what the word "federal" means? But I digress.)\
http://crooksandliars.com/susie-madrak/thank-you-speaker-pelosi
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More About That Government Take Over of Federal Student... - 
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