Obama Deals Stunning Blow to Bank Subsidies on Student Loans, and Sallie Mae Stock Soars

By: Tuesday March 30, 2010 12:40 pm

When President Obama signed the Student Lending and Fiscal Responsibility Act today, it dealt an enormous blow to Wall Street banks. He deserves huge props for that. I’m not sure people know how big a victory it was. Sallie Mae spent $3 million on lobbyists last year, and got none of what they wanted. Zero, zip, nada. . . . His student loan reform package represents, in essence, a “public option” for the student loan system, and demonstrates why proponents were fighting so hard for the same thing in the health care bill. . . . But it almost didn’t happen.

Self-Interested Veal Pen Outfits Step Up to Kill the Public Option

By: Thursday March 25, 2010 12:45 pm

Having suckered you into giving up your email address, fundraised heavily and built up their mailing lists by disingenuously flogging the public option, the veal pen turns around and shoots it in the back to save Michael Bennet’s ass. Yesterday SEIU and Progress Colorado showed up when David Sirota and 40-50 public option supporters delivered 34,000 petition signatures to Bennet’s office to protest AGAINST the public option.

Why Is Richard Trumka Taking Money from College Students to Pay for Union Fix?

By: Thursday March 25, 2010 8:19 am

The public option was never more than a bargaining chip for Trumka, something that the AFL-CIO could cash in when it wanted something. Of course, he got nothing he wanted, and in the end settled for a fix on taxing “cadillac” insurance plans. And now he is actively trying to block a vote on the public option, dooming its chances. In doing so, he’s insuring that his “fix” gets paid for by cannibalizing $22 billion from student loan reform.

Community Colleges Get Screwed for AHIP

By: Monday March 15, 2010 8:00 am

Now we see one of the reasons the Senate is including student loans in reconciliation — they don’t want to tax rich people (as the House does), so they’re stealing the money from community colleges.

The most economically vulnerable are having their futures hacked away to pay AHIP a 20% fee for doing nothing in the health care process. And Ben Nelson hasn’t even begun shaking the bill down for Nelnet, JP Morgan and Citigroup.

Sign the petition — tell the Senate to take care of students, not banks.

SAFRA First Major Step in Meaningful Ed Reform

By: Saturday March 13, 2010 10:00 am

Why Congress must pass the Student Aid and Fiscal Responsibility Act as part of the insurance reform package.

Senate Dems Say They’ll Include Student Loan Reform in Health Care Reconciliation

By: Thursday March 11, 2010 4:01 pm

Senate Democrats signaled that they would add the student loan reform bill to the reconciliation package being prepped for the health care bill. While the House may have to pass the Senate bill fully and have it signed by the President before moving to a reconciliation fix, this sweetener – providing college affordability for hundreds of thousands of students in their districts and ending subsidies for big banks – may make it worth their while to move forward.

Government Support for Student Loan Companies: Bailing Out Banks Instead of Helping Out Students

By: Thursday March 11, 2010 2:30 pm

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?

Do Conrad and Durbin Just Love Banks, Or Really Hate Students?

By: Thursday March 11, 2010 9:29 am

Conrad doesn’t want student loan reform to pass. Why? Well, because the student lending industry has jobs in North Dakota. Fifty-seven, to be exact. Blanche Lincoln, Jim Webb, Mark Warner, Tom Carper and the Nelson twins are helping him, because they’ve got jobs in their states too. From companies with deep pockets, private jets and personal golf courses to keep up.

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