LIVE @ ISTE 2024: Exclusive Coverage

Duncan pushes back against private lenders


Duncan said he has "a lot of confidence in the Senate leadership to step up" and pass the direct lending bill.
Duncan said he has "a lot of confidence in the Senate leadership to step up" and pass the direct lending bill.

Responding to private lenders’ lobbying efforts against White House plans for direct federal loans, Education Secretary Arne Duncan said Feb. 17 that he trusts the U.S. Senate will pass the Student Aid and Fiscal Responsibility Act (SAFRA) and “end this boondoggle for banks.”

Five months after the U.S. House of Representatives passed SAFRA, senators have not voted on the bill, while private lending companies have organized town-hall style meetings and aired television ads opposing the bill in several states.

In an afternoon conference call with reporters on Feb. 17, Duncan emphasized that there isn’t a “drop dead date” for passage of the direct lending legislation, and he promised that education officials are “in this for the long haul.”

“The banking industry has had a free ride for too long,” Duncan said. “Now, the banks are lobbying Congress to protect their scheme.”

He continued: “To me, it’s a simple choice: Subsidize banks or invest in children.”

Read the full story at eCampus News

Sign up for our K-12 newsletter

Newsletter: Innovations in K12 Education
By submitting your information, you agree to our Terms & Conditions and Privacy Policy.

Denny Carter

Want to share a great resource? Let us know at submissions@eschoolmedia.com.

New Resource Center
Explore the latest information we’ve curated to help educators understand and embrace the ever-evolving science of reading.
Get Free Access Today!

"*" indicates required fields

Hidden
Hidden
Hidden
Hidden
Hidden
Hidden
Hidden
Hidden
Hidden
Hidden
Email Newsletters:

By submitting your information, you agree to our Terms & Conditions and Privacy Policy.

INNOVATIONS in K-12 Education

 

Sign up for our K-12 newsletter

Newsletter: Innovations in K12 Education
By submitting your information, you agree to our Terms & Conditions and Privacy Policy.

eSchool News uses cookies to improve your experience. Visit our Privacy Policy for more information.