Student-Loan Companies Spend Millions on Lobbying and Campaign Contributions

Student Lenders, Fighting to Survive, Spend Millions to Lobby Congress | Kelly Field | The Chronicle of Higher Education | 28 September, 2009

Sallie Mae, the giant of the student-loan industry, has led efforts to thwart President Obama’s plan to end bank-based lending, spending $5.8-million over the last year and a half to lobby the federal government.A shrunken student-loan industry, faced with the legislative fight of its life, has spent millions of dollars on lobbying and campaign contributions over the last year and a half, even as subsidy cuts and a continuing credit crunch have squeezed its margins and driven dozens of banks from federal student lending.

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