Whew! Today the Senate passed HR 5715. This is the bill introduced by Rep. Miller that will give the Department of Education the authority to purchase FFELP loans from private lenders at par. The expected demand of $68 billion in government guaranteed loans will now flow like the Mississippi.
A Bloomberg piece on the legislation completely forgot to mention that lenders don't participate in FFELP program because it's not profitable. Thus rendering HR 5715 about as valuable as the paper it's written on.
But that's besides the point! Legislation for the sake of legislation is absolutely necessary in an election year.
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