Banking on Success

Today, President Obama will sign into a law an overhaul of student loans that will cut the role of banks in the entire student loan process, saving taxpayers over $68 billion in the next ten years, according to Retuers News.

Yay! Yes, that’s right: something positive.

The Obama Administration, adherent as ever to the United States' inevitably problematic and miscalculated foreign policy, has actually achieved something of great value in the domestic realm: providing more direct loans to students with less (or in some cases, subsidized) interest.

Of course, it would be much nicer if our country provided free higher education to its students like so many of our European counterparts (gasp! That might mean implementing a system that is, how do you say, socialized? Run for the hills!!).

However, as we can tell from most of the staunchly conservative wing of Congress and the ever-impassioned Tea Party Movement participants, anything remotely related to the word socialism is far from being socially acceptable or accurately understood.

Thus, repealing banks’ abilities to serve as middlemen who use student loans in an effort to gain profit is a pretty commendable effort.

This will mean more Pell Grants for low-income students and less outlandish interest, curbing the seemingly insurmountable student debt plaguing 20-something-year-olds today.

Congrats, Obama! You get a point for this one!