After Congress had set their sites on ending the huge scam the bankers use to fleece American students, the lobbyists for financial institutions have scurried into action like cockroaches running for cover when the light is turned on. From an email I recieved from Working America:
After the president and the House backed legislation ending the $80 billion scam of subsidizing big banks so they can gouge students on college loans the government guarantees anyway, the lobbyists are hell-bent on killing student loan reform in the Senate.
Under the reform, $80 billion in excess subsidies would be saved from the big banks. That money would be used to provide college Pell grants for lower-income students, and tax credits to help working families pay for tuition.
And of course, these folks are trying to defeat Student Loan Reform in the only way they know how and the way that always seems to work, buying off legislators and brainwashing the American public:
Help make college affordable or subsidize banks? As President Obama said, this is a "no brainer." But the banks-led by Sallie Mae-have spent more than $8 million on lobbying and $2 million on political donations to stop reform.
The New York Times reports that an "aggressive lobbying campaign" has put President Obama's plan to pull the plug on subsidizing the private lenders "in peril," with the biggest lender spending "more than double the year before" on lobbying.
Of course so much money is needed because quite simply the current system that is being used is nothing more than a scam to fleece any American who seeks to improve their situation through higher education:
The current system is a straight-up scam.
Taxpayers now are subsidizing big banks to make loans to college students that our government guarantees anyway. Then the banks gouge the students with hidden fees and excessive penalties, fleecing students who have lost their jobs.
Direct lending-which the government had to do when the banks abandoned the program in the financial collapse-would save $80 billion over 10 years. That would help make college affordable for millions of kids.
We simply must fight the big banks and their kindred spirits in the Republican Party and the Chamber of Commerce. While working Americans do not have the big money given to them to bail out their irresponsible actions by the taxpayers when they crashed the economy we have one thing we can fight back against the bankers with, our voice. Go here to let your Senators know to fight for America's students, not the big bankers:
http://www.unionvoice.org/camp...
It is time our Senators fought for average Americans over the Wall St. bankers. Be sure to let you Senator know you expect them to fight for you, and watch who they ultimately side with, Main St. or Wall St. |
