DC: – Sen. Mike Enzi
Imagine a financial institution that loans out a trillion dollars to students and families across America, but regularly ignores government regulations and uses questionable accounting practices. On top of that, this institution is actually being run by the federal government. What you have isn’t just a terrible idea, it’s the largest “bank” in America that the public has never heard of, and it’s inside the U.S. Department of Education.
While this bank has no shareholders, its stakeholders include college students and their families, taxpayers and the United States Congress, and the tens of millions of consumers who must repay the student loans the agency issues. Many lawmakers seem concerned over the financial practices of private banks, but those lawmakers should also turn their attention to the government’s own practices. Those who supported the Dodd-Frank financial reform legislation described that law as an attempt to police “too big to fail” banks and rein in financial gimmicks by banks that may mislead shareholders or loan product consumers. But the Education Department’s big student loan bank is exempt from Dodd-Frank.
The first thing they do every time is exempt themselves from the rules that they love so much.
And it’s the only “bank” where you can’t declare bankruptcy against and get your loan dismissed. Funny that! Gotta love government, rules for me and not for thee. So when is congress gonna get off their golden healthcare and switch to RINO-care?
“… and get your loan dismissed.”
And get your loan redistributed to the taxpayers.
fixed it for ya …
izlamo delenda est …
Liberals borrow money to pay for their own brainwashing? Yes, liberalism IS a mental disorder. Serves them right. DO NOT let them default.
I say fine, but run it like a real bank, and lend for careers that might actually have a job at the end.
“I’m sorry Jedonka, we don’t lend out a hundred thou for ‘Gender studies’ and ‘Social Justice Majors’ anymore, now if you want an engineering degree, or a degree in auto mechanics or a welding course we got you”
Idiocracy and corruption at their best. Several “progressive” politicians have been pushing student debt forgiveness schemes. I’m sure this will end well.
Damn government has no business competing with the private sector. Student loans used to belong to the private sector banks until ocommie took over.
Thank GOD I had the funds to pay off my Bachelor’s Degree before the economy tanked. And thank GOD I was able to make more than enough money in my field of study that paid for my degree. I am a blessed boy.
0bamaCare also took the student loan program under the government umbrella. It’s nothing but a LEFT WING PROFESSOR full-employment act! It’s also something the Democrats can seize control of and cancel all outstanding debt at some future day. in exchange for votes, of course!