Dr.Traveler
Mathematician
- Aug 31, 2009
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I think part of the "lack" of notice of this is due to the fact that the role of private banks in the Student Loan process isn't well understood in the first place. You qualifiy for most student loans through the FAFSA instead of applying to an individual bank, once you have a student loan it tends to end up at Wells Fargo or Sallie Mae, and so much of the interest and repayment terms are controlled by Federal Law anyways.They rolled the student loan into the health takeover because:
1. It favorably skewed the h/c numbers.
2. They didn't have the votes in the senate for the student loan bill alone.
3. Reconciliation can only be used in a limited fashion and since they were using it to pass h/c they bundled the student loans in with it. ( I wonder what else was bundled in there.)
^^^^ That sums it up well. The actual figures in the hcb don't add up, so they took out the 'doc fix' (which they will do but do it separately), and put in the student loan bill to 'fix the figures'.
Personally, I'm surprised that more people are not concerned with this but it appears that government take over of anything is fine.
The only time it mattered who was servicing my student loans was when I went for a consolidation loan on the debt, or when I went for a privately funded student loan.
Regardless, I'm glad mine are paid off. Who knows what this mess would have involved in terms of paperwork.