The House on Thursday passed legislation that would make the biggest changes in federal student loans in decades, driving private banks out of the business and leaving it to an existing federal program to provide that crucial source of college financing.Well, if we stop subsidizing, hence Nationalizing the student loan banking industry, then, uh, isn't that the godless Anti-Socialism of hating, uh, stuff, and thingie?
The bill, passed on a party-line vote of 253-171, would save $87 billion over ten years by abolishing subsidies to banks that have been criticized as excessive, supporters said. Most of the money saved would be channeled to increases in Pell Grants for low-income students.
``The choice before us is clear,'' said Rep. George Miller (D-Calif.), lead sponsor of the bill. ``We can either keep sending these subsidies to banks, or we can start sending them directly to students.''
[ cf House passes big change in college loan program ]
Makes me wonder what will happen with that part of the ideological wars.
Does this mean that the Obamanites are Nationalizing Students?