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WHITE HOUSE TAKES AIM AT LOBBYISTS TRYING TO SINK STUDENT LOAN BILL HUFFINGTON POST BLOG
White House Takes Aim At Lobbyists Trying To Sink Student-Loan Bill
First Posted: 02- 9-10 09:51 PM | Updated: 02-22-10 01:59 PM
The Obama administration has launched a final push to get one of the presidents signature education reform initiatives, lashing out in unusually strong terms at the lobbying effort that threatens its passage.
Taking aim at Sallie Mae, the largest student lender in the country and a driving force behind the lobbying effort, Education Secretary Arne Duncan on Tuesday accused the company of using taxpayer funds to lobby and advertise, and cast its executives as white-collar millionaires uninterested in serious education reform.
In an interview with the Huffington Post, Duncan called the administrations plans to overhaul the student loan program by ending government subsidies for private lendersa once-in a generation, maybe once-in-a lifetime opportunity that Congress would be foolish to let slip away.
But slip away it may. Despite its common-sense appeal and its passage by the House of Representatives, the Student Aid and Fiscal Responsibility Act -- which would eliminate the role that private industry plays in originating student loans -- has gotten a tough reception in the ...[more]
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