Student Loan Bill of Rights

We're somewhat conflicted over Sen. Clinton's "Student Loan Bill of Rights". It seems that the way that the FFELP program is set up, the loans are already a right, not a priviledge. And her "Student Loan Bill of Rights" seems to focus on some basic tenets of borrowing that currently exist. We don't see any benefit to the student here.

"This bill makes it easier for students to repay their loans by putting in place a basic set of rights, including the right to borrow without exploitation and the right to real loan choices," Sen. Hillary Clinton. But wait, the Democratic led Congress wants the student borrower treated with special conditions, but they're punching the industry in the nose with the other hand? This just doesn't make sense.

If Sen. Clinton wants creativity, innovation, and service to be introduced into the student lending space, that element will only come from the free market. The free market participants in the student loan industry must be aptly rewarded for their risks and their service. We don't think anyone would argue the government could do a better job at this.

So yes, let's acknowledge and embrace the "Student Loan Bill of Rights", but let's work with the mechanism that will ensure those Rights are upheld.