Why should the government support the failed business model of Sallie Mae and other student loan finance companies like Citi and JPMorgan Chase? Why isn’t that money going to help students pay for their education?

With little public notice or fanfare, the federal government has been providing financial institutions involved in the student loan business with a bailout projected to be over $100 billion. With the federal government now helping to provide the financing for 80 percent of the “private” market for FFEL loans, it is ridiculous to classify it as anything other than a massive corporate welfare system.