Across the country, colleges are performing “triage” just to stay alive. Last week, students protested at campuses in 30 states.
Penn State President Graham B. Spanier says that when the stimulus funds are no longer available, “we could be looking at the greatest financial crisis in the last 100 years.”
President Obama’s plan for direct student lending would save $87 billion dollars and provide relief for struggling schools.
Learn more about the Student Aid and Financial Responsibility Act, which would save $87 billion going to subsidize the losses of Wall Street banks and give money to schools.
Student lending reform was included in reconciliation instructions in 2009. It has already passed the House and it only needs 50 votes to pass the Senate.
The bailed out bankers of Citigroup, JP Morgan, Sallie Mae and Bof A are back again — and this time they’ve got their sights trained on money that should go to students struggling to get an education.
Lobbyists like Jamie Gorelick and Tony Podesta have crafted a “Sallie Mae Compromise” to skim $20 billion off the top in useless fees.
Jamie Dimon of JP Morgan (above) made $17 million last year. Albert Lord, head of Sallie Mae, built a $30 million golf course in his back yard with profits he made from jacking up student loan fees that students will spend the rest of their lives paying off.
Sallie Mae got $21 billion in government subsidies last year — then turned around and spent $3.48 million on lobbing to protect their sweet deal.
Enough is enough. Tell the Senate to get their act together and pass student loan reform immediately.
If the Senate doesn’t pass student loan reform quickly using reconciliation, schools across the country will have to slash their programs, fire staff and raise tuition even further. They desperately need that money now.
Sign our petition to the Senate to pass Direct Student Lending now and stop the banks from stealing money from students.
We need your help to kick-start our campaign for direct student lending. Can you please donate today?
President Obama’s direct student lending bill will increase the average amount of aid awarded to students substantially over the next 10 years.
TIME IS RUNNING OUT
for students and schools across the country.
Photo of March 4 protest at SFSU by Steve Rhodes