"nationalized the student loan program."
I've explained this to you before. As the program worked before it was pure corporate welfare at taxpayer's expense. Banks would get ALL of the loan money from the government, charge a higher interest rate to students, skim nearly $70B for their own profit, and the government would cover all defaults! Talk a bout a sweet deal for the banks: free money at zero risk! It in effect was already a nationalized student loan program with banks simply taking a large chunk of the money for doing nothing, so fewer students could benefit from it.