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Student loan reform is in healthcare bill

Old 03-23-10, 04:26 PM
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Student loan reform is in healthcare bill

http://www.upi.com/Top_News/US/2010/...8211269267907/

WASHINGTON, March 22 (UPI) -- Significant changes to the U.S. student loan program are in the package of fixes to the healthcare bill passed by the House and moving to the Senate.

The student aid reform package, attached to the Democrats' final amendments to the healthcare bill, would eliminate a $60 billion program that supports private student loans with federal subsidies and would replace it with government lending to students, among other things, The Washington Post reported Monday.

By ending the subsidies, the student loan bill would save $61 billion over 10 years, the non-partisan Congressional Budget Office said. Most of the savings, about $36 billion, would go to Pell grants, while other monies would go toward reducing the deficit and other Democratic education priorities.

Education Secretary Arne Duncan called Sunday's vote "a big victory for America's students."

House Republicans and lending industry lobbyists oppose the initiative, calling it a government takeover of efficient, private-sector loan operations.

The federal government has subsidized private student lending since 1965 and began lending directly to students in the 1990s, the Post said.

The House passed the healthcare reform bill 219-212. Because it was passed by the Senate in December, the measure goes to President Obama for his signature. A separate compromise package of fixes also passed the House, 220-211, and goes to the Senate for consideration.


I haven't seen much discussion about this yet, I guess it has kind of been overshadowed by the health care bill though. So how do people feel about this? Aren't jobs going to be lost as these other loan companies go under/out of business? The other question is where does all this stop? Now we can argue whether or not these are good things, but I don't see where anyone can argue that Obama isn't doing all he can to expand what Gov't does and how it interacts w/ the citizens...
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Old 03-23-10, 04:29 PM
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Re: Student loan reform is in healthcare bill

Jobs lost? Maybe, but you are figuring in all the jobs saved. Plus all the jobs the government will create for itself.
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Old 03-23-10, 04:31 PM
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Re: Student loan reform is in healthcare bill

Originally Posted by nemein View Post
Aren't jobs going to be lost as these other loan companies go under/out of business?
It's going to save the government billions of dollars, though. So pick your poison -- do you want to pay to have loan officers dig holes and fill them back in or don't you?
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Old 03-23-10, 04:35 PM
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Re: Student loan reform is in healthcare bill

Originally Posted by JasonF View Post
It's going to save the government billions of dollars, though. So pick your poison -- do you want to pay to have loan officers dig holes and fill them back in or don't you?
That's government work, I say!
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Old 03-23-10, 04:46 PM
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Re: Student loan reform is in healthcare bill

Originally Posted by JasonF View Post
It's going to save the government billions of dollars, though. So pick your poison -- do you want to pay to have loan officers dig holes and fill them back in or don't you?
Did that "savings" take into account increased unemployment (and the compounding factor that tends to have) though?
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Old 03-23-10, 04:48 PM
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Re: Student loan reform is in healthcare bill

It really is fantastic how much money we are saving the government by taxing the citizens a trillion dollars extra.
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Old 03-23-10, 05:22 PM
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Re: Student loan reform is in healthcare bill

Originally Posted by nemein View Post
Did that "savings" take into account increased unemployment (and the compounding factor that tends to have) though?

It's just the savings from having the loans come directly from the government as opposed to being guaranteed by the government and marked up by private companies.
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Old 03-23-10, 05:29 PM
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Re: Student loan reform is in healthcare bill

What is the justification for wrapping that into a health care bill as a budgetary item? Can they dig into any government process to find funds through reconciliation?
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Old 03-23-10, 05:32 PM
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Re: Student loan reform is in healthcare bill

Can I refi my loans?
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Old 03-23-10, 05:40 PM
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Re: Student loan reform is in healthcare bill

Originally Posted by nemein View Post
Aren't jobs going to be lost as these other loan companies go under/out of business?
Yes, many people are going to be out of a job, including me and everyone at my company. But at least the economy is good so it should be easy to find other employment.
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Old 03-23-10, 05:41 PM
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Re: Student loan reform is in healthcare bill

Originally Posted by Thor Simpson View Post
What is the justification for wrapping that into a health care bill as a budgetary item? Can they dig into any government process to find funds through reconciliation?
I hear they're going to throw in a provision to sell some F-22s to China and Iran to get the healthcare numbers looking a little better.
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Old 03-23-10, 05:53 PM
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Re: Student loan reform is in healthcare bill

Originally Posted by al_bundy View Post
Can I refi my loans?
it's always about you. This is for the good of the commune, dammit!
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Old 03-23-10, 06:06 PM
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Re: Student loan reform is in healthcare bill

Originally Posted by al_bundy View Post
Can I refi my loans?
I see no reason for you to be repaying loans while executives are receiving billion dollar bonuses. Hang in there, we'll straighten this out.
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Old 03-23-10, 06:07 PM
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Re: Student loan reform is in healthcare bill

If the private-sector loan operations are so efficient then why do they need to rely on federal subsidies?
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Old 03-23-10, 06:12 PM
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Re: Student loan reform is in healthcare bill

Originally Posted by WallyOPD View Post
If the private-sector loan operations are so efficient then why do they need to rely on federal subsidies?
It does seem sketchy. And not at all related to health care.
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Old 03-23-10, 06:20 PM
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Re: Student loan reform is in healthcare bill

Originally Posted by Thor Simpson View Post
It does seem sketchy. And not at all related to health care.
If the debate is about the fact that this is completely unrelated to health care and shouldn't have been inserted into that bill then I agree. That kind of thing happens all the time but that doesn't make it right.

I'm just trying to understand why conservatives would be against ending federal subsidies to an entire industry when that move would also trim the federal budget. I honestly don't follow politics that closely but it seems like they would be applauding that move.
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Old 03-23-10, 06:29 PM
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Re: Student loan reform is in healthcare bill

I don't know enough about it to make a call either way. Are the federally subsidized loans better for the recipient, or the same? What institutions make these loans, and does the ability to provide these loans affect their business in other ways?
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Old 03-23-10, 06:34 PM
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Re: Student loan reform is in healthcare bill

Originally Posted by WallyOPD View Post
I'm just trying to understand why conservatives would be against ending federal subsidies to an entire industry when that move would also trim the federal budget.
Because Obama is for it.

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Old 03-23-10, 06:59 PM
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Re: Student loan reform is in healthcare bill

Originally Posted by JasonF View Post
Because Obama is for it.

But what if Hannity is also for it? Then what do we do?
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Old 03-23-10, 07:06 PM
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Re: Student loan reform is in healthcare bill

Originally Posted by JasonF View Post
Because Obama is for it.

If Groucho is against it, that's good enough for me
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Old 03-23-10, 07:07 PM
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Re: Student loan reform is in healthcare bill

By ending the subsidies, the student loan bill would save $61 billion over 10 years, the non-partisan Congressional Budget Office said. Most of the savings, about $36 billion, would go to Pell grants, while other monies would go toward reducing the deficit and other Democratic education priorities.
Great. We're going to be spending billions of dollars sending fisting kits to public schools.
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Old 03-23-10, 07:10 PM
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Re: Student loan reform is in healthcare bill

Originally Posted by Thor Simpson View Post
What is the justification for wrapping that into a health care bill as a budgetary item? Can they dig into any government process to find funds through reconciliation?


Because they CAN. They can and do hide anything they want in a bill that is:
*Too thick to read
*Too important, secret, and constant changing to allow the peons (us) to read it before it is voted. (They want us to support it based on sound bites, not facts.) Remember: We have to pass it before you know what's in there.
Danger. Congress at work.

While (immensely) critical of the process, I don't know whether this particular provision is good or bad. It is a bit of a surprise to find in a health care bill. I wonder if there is any cap & trage or greenhouse gas legislation hiding in there, or immigration reform. We have probably passed everything controversial on the Democratic agenda by sweeping it under the rug, I mean,. into the health care bill.
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Old 03-23-10, 07:38 PM
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Re: Student loan reform is in healthcare bill

Originally Posted by OldDude View Post
Because they CAN. They can and do hide anything they want in a bill that is:
*Too thick to read
*Too important, secret, and constant changing to allow the peons (us) to read it before it is voted. (They want us to support it based on sound bites, not facts.) Remember: We have to pass it before you know what's in there.
Danger. Congress at work.

While (immensely) critical of the process, I don't know whether this particular provision is good or bad. It is a bit of a surprise to find in a health care bill. I wonder if there is any cap & trage or greenhouse gas legislation hiding in there, or immigration reform. We have probably passed everything controversial on the Democratic agenda by sweeping it under the rug, I mean,. into the health care bill.
You want to read the reconcilliation bill? Knock yourself out:

http://www.scribd.com/doc/28571851/H...ciliation-Bill
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Old 03-23-10, 07:54 PM
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Re: Student loan reform is in healthcare bill

Originally Posted by JasonF View Post
You want to read the reconcilliation bill? Knock yourself out:

http://www.scribd.com/doc/28571851/H...ciliation-Bill
Nah, I'll have 5 days after it gets through Congress before Obama will sign it.
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Old 03-23-10, 08:54 PM
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Re: Student loan reform is in healthcare bill

Originally Posted by kvrdave View Post
But what if Hannity is also for it? Then what do we do?
Then it's clearly evidence of reverse-racism.
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