If you want to see a Govt. plan similar to the proposed HC Plan, look
back at the William D Ford Federal Direct Student Loan Program passed under
Clinton, meant to compete with private plans.
" We are not taking a free enterprise system and federalizing it'' the then Deputy Education Madeline Kunin said,
"We are improving entrepreneurial and competitive possibilities." Sound familiar???
So, 16 yrs ago the government started competing for student loans and even though two thirds of students and universties prefer the private companies, with interest rates competitive with the Fed loans, they prefer the private loans, because of superior customer service.
Congress just passed HR 3321 which Federalizes all student loans, which if signed into law, will eliminate fed guarantees on private loans and replace them with the government's Direct Loan Program at a cost of 1 trillion over 10 years.
Th BIG GOVT's hand writing is on the wall.
