Obama Deals Stunning Blow to Bank Subsidies on Student Loans, and Sallie Mae Stock Soars

By: Tuesday March 30, 2010 11:33 am

When President Obama signed the Student Lending and Fiscal Responsibility Act today, it dealt an enormous blow to Wall Street banks. He deserves huge props for that.  I’m not sure people know how big a victory it was. Sallie Mae spent $3 million on lobbyists last year, and got none of what they wanted.  Zero, [...]

Self-Interested Veal Pen Outfits Step Up to Kill the Public Option

By: Thursday March 25, 2010 10:16 am

Having suckered you into giving up your email address, fundraised heavily and built up their mailing lists by disingenuously flogging the public option, the veal pen turns around and shoots it in the back to save Michael Bennet’s ass. Yesterday SEIU and Progress Colorado showed up when David Sirota and 40-50 public option supporters delivered 34,000 petition signatures to Bennet’s office to protest AGAINST the public option.

Why Is Richard Trumka Taking Money From College Students to Pay for Union Fix?

By: Thursday March 25, 2010 7:53 am

Richard Trumka was all about the public option back in September, when he said in no uncertain terms that the AFL-CIO “won’t support the bill if it doesn’t have the public option in it.” And to his credit, one of the only reasons it stayed in the debate as long as it did was because [...]

Community Colleges Get Screwed For AHIP

By: Monday March 15, 2010 7:32 am

Now we see one of the reasons the Senate is including student loans in reconciliation — they don’t want to tax rich people (as the House does) so they’re stealing the money from community colleges. The Senate HELP Committee is currently writing the student loan reconciliation bill that the House has to pass (the House [...]

Senate Will Include Student Loan Reform in Reconciliation

By: Friday March 12, 2010 3:08 pm

Count me with Tim Ranzetta — student loan reform was D-E-A-D dead earlier this week, as both Congress and the White House were nervous about losing on the health care bill if student lending was included in reconciliation. But last night, Conrad backtracked from the position he’d expressed only that morning. And today, it was [...]

Do Conrad and Durbin Just Love Banks, Or Really Hate Students?

By: Thursday March 11, 2010 8:36 am

The push by lobbyists of Citibank, JP Morgan, Sallie Mae and other student lenders to kill student loan reform is working. Kent Conrad is trying to keep the President’s plan from going through reconciliation this year, which means it can’t pass for another year — and guarantees that the Wall Street banks can keep carving [...]

Student Lending and the Myth of “35,000 Lost Jobs”

By: Tuesday March 9, 2010 11:39 am

Student loan lobbyists have been distributing a memo around Capitol Hill, with the misleading claim that if the FFEL program is eliminated in favor of direct lending, all of these jobs in the industry will be lost.

The bottom line: job losses in a tough economy are nothing to treat lightly, but the claims made by lobbyists don’t hold to close scrutiny, and the jobs impact must be weighed against the number of students currently enrolled in each state if money that could be going to schools is instead propping up a costly and unnecessary industry that is surviving only because of government subsidy.

Find out more about the Students, Not Banks campaign and sign the petition.

FDL Launches “Students, Not Banks” Campaign

By: Tuesday March 9, 2010 7:16 am

Today, FDL launches its Students Not Banks campaign, with a petition calling on Harry Reid, Nancy Pelosi and members of Congress to pass student loan reform quickly through reconciliation.

Find out more about the Students, Not Banks campaign and sign the petition.