Sally Mae and the Student Loan Swindle Message Board

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Non-Tech : Sally Mae and the Student Loan Swindle

SLM 28.25

-0.7%

Oct 28 3:59 PM EDT

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To: Grandk who wrote (51)	9/8/2007 10:26:30 AM
From: Sr K	of 63

"EBay" takes on Sallie Mae: With the law, Congress is reducing federal subsidies to lenders by roughly $20 billion and gradually halving the interest rate on need-based student loans over the next four years. Some $11.4 billion of that money will go toward increasing Pell grants. For the first time, the government will now auction off the right to offer federally backed educational loans to parents state by state, instead of setting the rate from Washington. The two lowest bidders in each state will win the right to make subsidized college loans to parents. nytimes.com So much for the $60/share bid by Flowers and BAC and JPM.

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