From the PATRIOT-NEWS OP-ED
by Arne Duncan, U.S. Secretary of Education
…The U.S. Department of Education subsidizes student loans to the tune of $9 billion every year. Banks service these loans, collect the debt, keep the interest and turn a profit. When borrowers default on their loans, taxpayers foot the bill. But banks still reap billions in profits and pay their executives millions of dollars…
Based on the president’s proposal, the U.S. House of Representatives has passed the Student Aid and Fiscal Responsibility Act. This legislation will end bank subsidies and invest in students directly. The Senate is still working on its version of the legislation…
This legislation also promises an historic investment in community colleges, offering access to a college education for Americans from all backgrounds and equipping them to succeed. Finally, it will improve the quality of early learning programs, which are critical to America’s educational success…
Click here to read the full article.
