Student Loan Costs

" today we have a guest who says college is a waste of money for most people today we have someone who blames student lending giant Sallie Mae for the inflated cost of tuition. He is -- call an inch of student loan justice -- all. -- make -- case in what way is Sallie -- you responsible for the Abbot rising cost of college. Well plus you with his."

" Word and let let me say it is not only Sallie Mae who is the largest by far lender in the country. But there have acted in cooperation with higher education with academia. And and here's how you know they've lobbied congress over the past decade to number one. Increase the lending caps allowable under the federal -- but that federal family education loan program. And it also had. The most basic standard consumer protections removed from student loans. This makes it very lucrative for the lenders whether or not the student can afford to repay its --"

" So the underlying problem here is the ever rising cost of college -- drive witness that's apparent with kids going to college -- never comes down it always goes up it always goes up more than the rate of inflation. That's the underlying problem and you'll saying that it is the student loan lenders. Facilitating. That rise increase in price of college. That's that's precisely correct in in the current environment there is any number of lenders most notably selling name. More than willing to -- as much debt as possible on the backs of the students. So it's a vision -- what what is it that you want it if you're a critic of -- of the -- does that make a great deal of money. What do you want do you want the cost of college to be cut dramatically you want cost cuts by the colleges themselves bring down that price is that we go to -- Yeah I think that's correct."

" The pressure needs to be brought to bear on the universities. So that they don't raise tuition. Every time they're looking. For capital. You know it's a very easy thing for them to deal. So what we're hoping to get done is to return the standard consumer protections to student loans. There have been systematically taken away about student loan industry over the past decade. This role and -- ends a slightly convoluted that this will give the Department of Education. A stake. It'll allow them to be more sensitive. To student loans and hopefully caused them to put pressure. On the universities to control their costs because let's face of the cost of college has risen at double the CPI. Four decades running now and it's -- from crisis proportions Alan Cohen thank you very much for joining us we appreciate it thank you. Thank you."