While Democrats are working to provide college students with real relief, Republicans just want to give the banksters another big handout.
Last week, Republican Senators Kelly Ayotte and Shelley Moore introduced the so-called “Student Loan Relief Act,” which has more to do with helping banks than any real relief for students.
That legislation would allow students to refinance their loans at private banks, but it wouldn't require those banks to take on any of the risk.
Those loans would still be guaranteed by the federal government, but it would banks, instead of taxpayers, who rake in all that interest. And, it would leave students vulnerable to the scams and schemes of the banking industry.
All we have to do is look to the homeowners who were the victims of illegal foreclosures to see why this proposal would be horrible for students.
If Republicans really want to provide students with relief, they should help make public college free for all students – it's that simple.
-Thom
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