Obama has made plans to eliminate the popular Federal Family Education Loan program. Obama's new plan would switch the federal student loan system entirely to direct lending from the government.
Will this make the Education committee a national bank? Answer Maybe....
Under the current system, students at some colleges borrow directly from the government,
while others get loans from non-profits or state agencies or banks who receive a subsidy from the Government.
With Obama's plan there is a possibility of saving up to 50 billion dollars over the next ten years, but when has giving more power to the Government been a good idea. There is also a risk of billions more being lost, as there are few restrictions on the Governments lending practices. Then there is the thought of having a national bank redistributing our wealth. Obama backed this plan as a Senator and during his campaign for Presidency.
Posted By Faith Hope And Politics April 2009
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