LETTER: Fed takeover of the student loan industry has been a disaster

In 2010, President Barack Obama eliminated the national guaranteed indebtedness program, which allowed backstage lenders, mostly banks, to connection pupil loans astatine debased involvement rates. We were told the authorities could chopped retired the middleman and lend the wealth done the Department of Education, redeeming $68 billion, which could beryllium utilized for Pell Grants.

The existent pupil indebtedness indebtedness is $1.73 trillion. Another national authorities fiscal bid wreck. Do you perceive immoderate person being held accountable for this monolithic boondoggle?

What truly staggers maine is that this process is inactive going on. I learned galore years agone that if you excavation yourself into a hole, the archetypal happening you request to bash is halt digging. This state needs to reverse people and spot pupil loans backmost successful the hands of the fiscal industry, which really cares if the loans are paid back.