The reporter doesn't know any more than you do. Do some RESEARCH. And re-read my post.
Getting paid if the student defaults is what a "guaranteed loan" is. The loan is still originated from private funds.
The Guaranteed Student Loan program was a highlight of the Great Society, and considered one of liberalism's great achievements. And now Obama and his crew suddenly "noticed" the flaws of a system that has worked well for nearly half a century?
I showed you the percentages on that $60 billion. It's about ten percent of the total funds loaned. That's your "savings." Meanwhile, the principal of the loan will now come from the taxpayers instead of private funds, and the government will still have to pay it off if the student defaults. Oddly, nobody has factored this into the "savings."
Current Events » in reply to Re: "nationalized the student loan program."
No. I'm not.
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- An assessment of Obama at midpoint of his first term