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Obama to Take on Scam Student Loan Industry

One reason higher education is so expensive is because there is too much easy money given to students.  Any student with a pulse can get a loan.  Colleges and universities know this.  They price themselves accordingly.  Thus you have thousands of Marxists and other egalitarians earning six figures.  The perfect solution would be to eliminate all federal support of student loans.  Instead, we have the worst situation.Scam companies like Sallie Mae pay off universities to guide gullible students into taking loans from the scam companies.  The government backs Sallie Mae, giving them special protections.  For example: Student loan debt is generally non-dischargeable in bankruptcy.  We have, in a word, crony capitalism.  Obama wants reform:The administration has pushed for federal financial aid to go directly to students, not to banks that lend money to students...continue to full post

Full post as published by Crime & Federalism on April 24, 2009 (boomark / email).