Thursday, March 11, 2010

AFT Action Alert: Bank on Students

Money for banks or to invest in students and institutions? Which is the better investment? Reblogged from AFT / FACE Talk, Thursday, 11 March 2010

Call NOW!

Tell your senators:
 include student loan reform 
in reconciliation bill
Stop. Go to your phone and contact your Senator right this minute.  Why?
Because right now, the Senate is in a serious debate, the outcome of which could jeopardize the fate of the Student Aid and Fiscal Responsibility Act.  Republican Senators and key Democratic Senators are opposing the inclusion of SAFRA in the reconciliation process.  But as Rep. George Miller stated today, the choice is clear:

We can continue a student loan program that the Congressional Budget Office has documented will waste tens of billions of dollars over the next 10 years on a titanic boondoggle in excess subsidies to some of the nation's richest and most powerful banks.

Or we can do what President Obama suggested in his budget, and what the Congress voted last year to do in its budget resolution:  We can reform the student loan program by taking these wasteful subsidies to banks, and redeem the savings for millions of families and students who want a shot at attending college.

It is that simple.
So call your senators if you believe that Congress should pass a budget reconciliation bill that includes increased student aid, an improved student loan system, money to states and colleges to improve student success, and money directly to community colleges.  Call your Senators if you think we should stop subsidizing banks and lenders and start providing money to students and their families so they can attend college and graduate without staggering debt levels.  Call your Senators if you believe that academic staffing needs should be addressed through this bill.
As Rich Williams, Higher Education Associate for U.S. PIRG states:
"If student aid reform is cut from the final reconciliation package, then large banks and lenders will prevail over struggling students and their families."
Act now.

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