Bad news – despite letters from concerned taxpayers, students, and college affordability advocates, Treasury Secretary Henry Paulson announced that he will be moving ahead with his proposal to spend part of the $700 billion dollar bailout to “save” providers of private student loans.
Campus Progress, along with the Project on Student Debt and many others, urged Secretary Paulson against this action, and asked the public to express their concern. We feel that this action is unnecessary, counter productive, and unfair. We should not spend taxpayer dollars to help CEO’s while students are denied the right to discharge their education loans in bankruptcy if they run into financial hardships.
Don’t throw up your arms and walk away - we need to demand that any government bailout for lenders making risky, high-cost loans is accompanied by common sense protections for borrowers.
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