Resistance to Student Loan Overhaul will Push it to Pass the Senate in Reconcilliation

The plan presented by the President and supported by Arne Duncun to overhaul the student loan industry by cutting out the middleman is facing resistance in the Senate. Arguments for opposition of this bill are saying that 12,000 jobs will be lost if the funding structure changes. That means possble savings of 87 billion dollars over 10 years will be lost to protect 12,000 jobs.

 For public information these are not jobs held by low paid wage earners, but people that make between 400,000 and 700,000 dollars. Their companies' greed is slowing this reform. Sallie Mae has increased its lobbying efforts from 3.2 million in 2008 to 3.8 million in 2009.  These companies know that this is easy money for them. It is important to call your Senators and tell them to vote for financial aid reform.