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  • gfo99 gfo99 Jul 3, 2013 1:08 PM Flag

    She is the "turd in the punchbowl".....

    Sen. Warren: Why Is Sallie Mae Ripping Off Students?

    Posted: 02 Jul 2013 04:00 PM PDT

    Sen. Elizabeth Warren is surely the turd in the punchbowl of what passes for Congressional oversight. While so many others sit quietly and meekly, bowing to the desires of K Street and Wall Street, Warren is determined to speak up for those of us who can't afford our own lobbyist. She's all worked up about charging students so much for education loans:

    As the deadline for student loan rates to double steadily approached last week, Sen. Elizabeth Warren (D-MA) was on the warpath against the nation’s largest student lender, doggedly pursuing information that would explain why Sallie Mae took cheap, taxpayer-backed loans from a federal bank and used it to fund extremely expensive, private loans to students.

    The clash culminated over the weekend, when The Hill learned on Sunday that she also sent a letter to Sallie Mae’s CEO that accused the bank of taking advantage of taxpayers in order to rake in “big fees” from student borrowers.

    “While Sallie Mae is finding unique ways to profit from government programs, its borrowers are paying interest rates that are far in excess of the low cost of funds supported by the U.S. taxpayers,” she reportedly wrote.

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