What happened in Congress last week on the Higher Education Act Reauthorization was a stunning defeat for students locked into predatory student loans. This is thanks to the Blue Dog Democrats.
I feel this is quite disturbing.
Please go to Studentloanjustice.org if you want to see more, or check out our facebook at:
http://www.facebook.com/...
Last week, Rep Danny Davis (IL) introduced an amendment to the Higher Education Act that would have restored limited bankruptcy protections for private student loans. These are the loans we've been hearing about so much recently (Hillary Clinton, for example, said she met someone on the campaign who had been duped into a student loan with 29% interest)
This amendment was seen by student advocates as long overdue legislation that corrected language that the republican Congress had slipped into the 2005 Bankruptcy bill that made private student loans (loans not guaranteed by the federal government) non dischargeable in bankruptcy.
The amendment apparently passed by a voice vote, but Buck McKeon (R-CA) called for a recorded votek and there was a delay. During this time, the Banks and their lobbying machines went to work. By the time the vote was cast, the amendment no longer had the necessary support, and it failed.
Well, it turned out that many "Blue Dog Democrats" had voted against the amendment after being lobbied heavily by the Consumer Banker's Association, and other student loan companies.
Baca, Bean, Berry, Bishop, Boren, Cardoza, Carney, Chandler, Costa, Davis, Donnely, Ellsworth, Giffords, Hill, Holden, ampson, Mahoney, Marshall, Matheson, Melanon, Moore, Murphy, Peterson, Ross, Herseth Sandlin, Schuler, Space, Taylor, Wilson.
All of these "blue Dog" Democrats were so quick to sell out to the banks, it is disturbing. This amendment would have sailed through, and provided desparately needed protections for students, were it not for the Blue Dogs voting with the republicans. Meanwhile, their constituents are being preyed upon by banks out to make credit card-like profits from student loans, with none of the risk. This is destryong people's lives.
Way to go, Blue Dogs!