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.
One of President Obama’s most ambitious plans for both education and the budget was the transition from a system of government subsidized student loans using bankers as middle men to direct student lending. But as The Hill notes this morning, the Senate can only move one reconciliation bill until they pass a new budget resolution. If they try to “fix” health care and don’t pass student loan reform at the same time, it will be another year until they can take it up.
Colleges across the country that are already slashing programs and hiking tuition in the wake of state budget crises. They desperately need the $4.7 billion that student loan reform will bring to them in 2010 alone.
Background
In September, the House passed H.R. 3221, the Student Aid and Financial Responsibility Act (SAFRA). It put an end to private lending, which the Congressional Budget Office has said will save $87 billion over 10 years.
Continued>>>
http://fdlaction.firedoglake.com/2010/03/09/fdl-launches-students-not-banks-campaign/
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