So Sen Hinojosa and Sen Kennedy are publicly politicking for something to be done about the lack of student loan providers. Yet we find it sort of funny that they blame 100% of the issue on the financial credit/liquidity crisis. They are also quick to point out any lack of movement by the Dept of Education to solve the problem.
A proactive approach, wouldn't you agree? It's this sort of passive/aggressive behavior that typically sinks any ship. Let's be honest here: Congress needs to own up to the people who pay their salaries and admit that Congress is indeed the root cause for the student loan mess.
The fact of the matter is liquidity is certainly available for financing FFELP loans and private ed loans. The lack of profit left in the FFELP program now renders the participation from private and semi-private (non-profits and state run authorities) to a very simple decision: FFELP isn't profitable any more. It's that simple.
Please Congress, admit you made a mistake, fix the mistake, and let's move on. As long as ego's are running the Education committee's and sub-committee's the taxpayers and students will loose money and opportunities. What's the worse that could happen? A 15 term congressman won't get re-elected? You're not getting any sympathy from us.
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