In our busy lives we miss the signs that our democracy is slowly slipping away. Like a shrinking beach the changes are normally incremental and subtle with the occasional winter storm or hurricane causing massive erosion.
The 2010 complete federalization of the student loan program was a winter storm to the beach of our democracy. President Obama signed the Student Aid and Financial Responsibility Act which for all practical purposes eliminated private lending from the student loan marketplace and went largely unnoticed.
Even the chairwoman of the House Financial Services Committee didn't notice this significant change. How do you miss something that directly impacts 44 million students who collectively owe over 1.5 trillion to the government?
As of 2010 the guaranteed lending program was eliminated. Private banks nolonger participated in student loans a fact that clearly went unnoticed by chairwoman Maxine Waters as she grilled the heads of major banks on April 10th 2019.
Thursday, April 11, 2019
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