Turner: Obscure Provision in ObamaCare responsible for Soaring Student Loan Rates
From Grace Marie Turner:
Student loan confusion: The source of the latest alarms about soaring student loan rates is actually the result of an obscure provision in ObamaCare.
The law ended the ability of private firms to participate in the student loan program and used $8.7 billion of “savings” generated by the government takeover of the program to help fund ObamaCare’s new entitlements. The Department of Education has been transferring large batches of federal student loans to new loan-servicing companies, many of which are ill-equipped to handle the transfer.
It’s rich for the president to be traveling the country demanding “change” to a problem of his own creation as student loans are being yanked from private companies and turned over to non-profit companies, as demanded by ObamaCare.