I have spent much of my working life studying and promoting student loans. As a good liberal Democrat, I have spent years seeking to expand and then working for the old Federal Family Education Loan Program (FFELP), which had its roots in Lyndon Johnson’s War on Poverty. Currently, I consult to a for-profit student-loan company.
I am surprised, therefore, to hear myself saying that it is time to start downsizing the federal student-loan programs.
I am watching to see how the new Federal Direct Student Loan Program (FDLP) works out. I hope that it is successful.