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Administration Plan Puts Thousands of Jobs At Risk
Jan. 22, 2010—Thousands of jobs will be eliminated if the Obama Administration’s plan to take over the private sector’s role in federal student loans is passed by Congress. Following this week’s U.S. Labor Department report that a record 12 million Americans received federal and state unemployment benefits as of the first of the year, the Senate is still expected to consider legislation that eliminates the lender-based federally guaranteed student loan program. Besides eliminating jobs, the plan would force all 6,000 of the nation’s schools and 11 million student and parent borrowers to turn to the government-run Federal Direct Loan Program for higher education funding.
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