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Gainesville Sun

February 12, 2010

http://www.gainesville.com/article/20100212/OPINION01/2121000/1017

The Obama administration wants to eliminate subsidies to lenders who make college loans in favor of direct federal loans. That would save about $80 billion over the next decade.

But Sallie Mae and other lenders are lobbying furiously and spending millions to defeat Obama's student loan reform program. Frankly, taxpayers already threw enough money at banks and financial institutions in the recent bail-outs.

"If people want to lose $80 billion on the taxpayers dime for the very narrow interests of Sallie Mae, I guess they can decide that," House Education Chair George Miller told The Times, "but it makes no economic sense to me."

No sense at all. These subsidies must end.