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Originally Posted by GBBob
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As one who had accumulated many student loans over their life, it was always ridiculous, to me, to have to borrow from the government, but have to go through a private bank to do so, and have that private bank just fill out the paperwork and collect service fees, then immediately sell off my loans back to a consolidation holder or the government.
I guess some are angry the middlemen banks, who essentially have been making a rather generous profit for nothing much other than doing a bit of paperwork, are now cut out of the gravy train?
The banks were taking no risk - they were loaning government money, the loans were insured by the government, and the payments went back to the government. They were simply a profit-taking middle man.
Obama cutting government waste and streamlining a massive government program - that's something to get angry about or disagree with?