Comments | ontd_political: Aww, the poor widdle banks ;

homasse in ontd_political

Aww, the poor widdle banks ;_;

Mar 24, 2010 17:50

Banks on verge of losing student lending businessBanks and other private lenders are about to lose a $70 billion-a-year student loan business, part of a massive overhaul of college assistance programs that has received an unexpected boost from President Barack Obama's health care success ( Read more... )

Comments 18

papilio_luna March 24 2010, 16:11:49 UTC

the fourth major step forward in the push to drive this country down a road towards a European-style government."

LOL If only, dude.

peacetrains March 24 2010, 16:31:54 UTC

In addition, beginning in 2014, college graduates would be allowed to devote no more than 10 percent of their monthly income to repay their student loans. The current cap is 15 percent.

too bad i'm graduating next semester :(

rooneyism March 24 2010, 19:51:02 UTC

Seriously. I graduate next year.

gmth March 24 2010, 16:42:08 UTC

I know there are a lot of college students and college-bound students, so I figured y'all'd be interested in this.

Don't forget about those of us who are parents of soon-to-be college-bound students! This is good news. :-D

roseofjuly March 24 2010, 16:54:03 UTC

"The industry plays a role in maintaining competition and choice," said Scott Talbott, the chief lobbyist for the Financial Services Roundtable, an industry group. "If the government is the only lender, there is no choice."

Yeah, fuck them. As a college student I don't really want choice. I've been to two different institutions that don't have the same intermediaries, so I have one loan with Sallie Mae (HOW I don't know, I picked a different company) and one with Bank of America. I'd rather have the whole thing with the government.

I don't see the point of the subsidies. The banks lend the money and get it back plus interest if the student pays it back. If the student doesn't pay it back, the government takes the fall and the bank loses nothing? All it's doing is squeezing the government, the bank charges origination fees, and they lose nothing. They're really the only one who benefits.

In addition, beginning in 2014, college graduates would be allowed to devote no more than 10 percent of their monthly income to repay their ( ... )

bluetooth16 March 24 2010, 17:46:10 UTC

Sallie Mae took over one or two smaller loan companies. One of mine turned into a Sallie Mae loan because of this.

roseofjuly March 25 2010, 01:50:35 UTC

That's what I figured - except the loan company I picked was EdAmerica. I went looking for them yesterday because I was curious and found that they're still an independent loan company that still services student loans. I mean it's possible I made a mistake on my form, or my school made a mistake (or "mistake") reading it, and it doesn't quite matter now except that I've heard some terrible things about Sallie Mae and their practices with respect to people in repayment.

erunamiryene March 24 2010, 16:59:59 UTC

The bill would mean the loss of billions of dollars in business to student lending giant Sallie Mae as well as large financial institutions such as Citigroup, JPMorgan Chase and Bank of America.

AHHHH-HAHAHAHAHA BITCHES, SUCK IT. :D

Thank you, Scott Brown. I'll give you a dollar for your fight against Rachel Maddow just for this. ;)