Obama Proud of New Student Loan Provisions


President Obama signed the Reconciliation portion of the healthcare bill yesterday with zeal and pride, and some harsh words for banks. 

He called government subsidies to banks “sweetheart deals” that force the government to “give billions of dollars” to banks who provide student loans.  These loans are guaranteed by the federal government.  Now, with the attachment of this provision to the healthcare bill, which has not one thing to do with health insurance, the government will administrate these loans, and provide more money for Pell grants. 

I guess banks don’t deserve to make money on loans.  That must be evil.

Perhaps the banks have taken a ton of taxpayer money on defaulted student loans.  No, they have taken a ton of taxpayer money.  The problem isn’t that the loans were made.  The problem is that the people the banks loaned money to aren’t paying it back.  Sound familiar? 

The unintended consequence has been an increase in fees for college students.  After all, if I know that the government is backing loans by banks and the requirement for getting one of these loans is to have a pulse, why not jack up my fees?  I thought liberals were immune to greed.  And colleges are filled to the brim with liberal elitists.  This means that a kid trying to pay his way through college because his parents can’t afford it but make too much money to qualify for a loan is out of luck. 

The increase in funding for Pell grants also is a mixed bag.  It means that a kid who really wants a college education but is poor can get money to go to school.  It also means that a kid who isn’t really interested in getting an education can also get money.  How much money will be wasted here?  Who knows. 

The idea of a Federal entity outright determining who gets the loans is a bad thing.  What’s to stop them from granting loans to people of certain races, sexual orientation, gender, class, political party, etc? 

It’s not popular in America, but everyone isn’t cut out for college.  Some people just can’t, or won’t, do it.  If everyone gets a free education, and a loan is not free, I know, what value is a college degree?  A high school diploma, handed out by government schools, now means nothing.  Most kids can show up most of the time and get a diploma, but they have no marketable skills. 

I have two main problems with this provision.  First, it’s in a healthcare bill.  Second, it’s going to be the government’s decision as to who gets the loans.  I have no faith in government to do anything.  Even defending our country, with this bunch of pacifists in office, is questionable.  It’s not a matter of ability.  It’s a matter of will and desire.  And our current government has neither when it comes to securing our borders or fighting the war on terror.

I hope the underqualified kids who get to go college on my dime make the most of it.  My kids will have to work to stay in school.  And not just at school.

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