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When Sallie Met Barack

New York Times - Column

May 28, 2009

And then, there's the epicenter of the college loan strangeness, the federally guaranteed loans. This is a system that goes something like this: We the taxpayers pay the banks to make loans to students. We the taxpayers then guarantee the loans so the banks won't lose money if the students don't pay. We the taxpayers then buy back the loans from the banks so they can make more loans to students, for which we will then pay them more rewards.

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