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Edwards Says We Should Lend Money Directly To Students

Date: Oct. 20, 2003
Issues: Higher Education

Monday, October 20, 2003
Edwards Says We Should Lend Money Directly To Students

Senator John Edwards (D-NC) released the following statement today in response to U.S. News and World Report's cover story, "Big Money on Campus:"

"You can see in the student loan system everything that is wrong with Washington today. The banks get a guaranteed profit for their student loans, then protect those profits by hiring high-paid lobbyists who dole out golf outings, cruises, and campaign contributions. Federal taxpayers end up paying for it all—at a cost of billions each year.

"We should get the banks out of the system and lend money directly to students. And we should take the billions we save and give it directly to students. I will put the savings from eliminating bank subsidies into my College for Everyone initiative—offering a free year of tuition at a public university to every student who comes to college prepared and works at least 10 hours per week for the first year."

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