Sen Edward Kennedy: Back to School

[marmar]

by Sen. Edward M. Kennedy at HuffPost:
Back to School
Posted September 6, 2007 | 09:09 AM (EST)



School is back in session -- and so is the United States Senate.

In July, I wrote to you about our impressive Senate victory for America's college students. Democrats passed the Higher Education Access Act, the largest student aid relief package since the GI Bill in World War II!

The House and Senate have now agreed on the final version of the bill, and the Senate is likely to approve it today, followed quickly by House approval. It's now called the Higher Education Access and Cost Reduction Act, and in a matter of days, it could be on the president's desk waiting for his signature.

Democrats are doing everything in their power to prevent the student loan industry from derailing this needed legislation. For years, Sallie Mae and other lenders have been siphoning off billions of dollars in federal subsidies intended for students, while charging students astronomical interest rates for the loans they need to pay for college. It's long past time to put a stop to that outrageous abuse.

Just this week, I released a new report on the urgent need for student loan reform. The report describes how lenders make improper payments to colleges in return for preferential treatment on student loans. The abuses include "day retreats," free Rose Bowl tickets, and even free manicures and pedicures for college officials. These benefits are used to entice those officials to favor particular lenders instead of providing neutral financial advice to students.

Student loans shouldn't be decided by box seats and beauty services. We owe it to students to provide them with every opportunity they need for success, and to make sure they're getting the best deal possible for their hard-earned education dollars. .....(more)

The complete piece is at: http://www.huffingtonpost.com/sen-edward-m-kennedy-/back-to-school_b_63276.html