Why Europe’s Laws On Vacations Are Better Than Your Wildest Dreams (and How Badly Americans Get Screwed)
For a fleeting moment I thought Congress was going to do something really wise: Get out of the student loan-sharking business. Recall that only a few days ago, the House and the Senate were going to fast-track the student loan reform bill by attaching it to the health care package. It was supposed to be a sure thing. What was I smoking?
Our current student loan system could have been invented by Tony Soprano. We taxpayers guarantee the loans and the government does most of the underwriting, rate setting and paperwork. Then private banks step in, impose their extra charges on needy students, and walk off with all the profits. Not only do the feds donate tax dollars to these banks (what else is new?), but the banks bribe college officials to send students their way. Bada Bing!
If the bill passed, eliminating Tony as middleman, the government could have saved from $37 to $87 billion dollars over the next decade for use in supporting more Pell grants for low-income