On Monday's Daily Show, Jon Stewart said it best (start the clip at 4:48 for the good stuff):
The idea of taking away the middle man in college loans would get us 46 billion dollars over 10 years- that, stunned me. That gets us more savings than removing subsidies from oil companies which I guess over 10 years is like 40 billion.
Loan company lobbyists are pressuring Congress to save their wasteful subsidies at the expense of students and their families.
President Obama has proposes to save almost ten billion dollars a year by shutting down a program that gives banks wasteful subsidies on student loans. He wants to devote billions of dollars to Pell Grants and other programs that help students pay for college. It would also expand programs to improve college access and completion, to make sure millions of additional young people can benefit from postsecondary education.
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