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One Step Closer to Elimination of FFELP Subsidies

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by Randy Schmidt

Late last week the Obama Administration’s plan to eliminate FFELP subsidies moved closer to the law of the land. The plan received support from the chairman of the U.S. House Education Committee, Rep George Miller, D- California. While not really surprising Miller’s announcement that he will introduce legislation to replace the FFELP subsidies creates a rather long and deep line in the sand for opponents of the plan. Last week some 30 private lenders and non-profit organizations proposed a plan that would preserve the role of private lenders in the federal loan program. Miller’s announcement is in stark contrast to this alternative plan and sets the stage for a contentious debate.

Robert Shireman, deputy under secretary of education, said “The latest proposal [by private lenders] appears to be an effort to grab a billion dollars a year or more that they would be paid for originating loans, which is something that we are able to do in a much more efficient way,” Counter that view with the view of John Dean, special counsel to the Consumer Bankers Association, who argues “Certain people in the administration are very anxious to push back on any proposal that modifies what the president set out. If you take a look at it, it is very much an enhancement as opposed to an alternative.”

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