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Actually, consider the mechanics of SAFRA before you decide if it is beneficial or not: First – taxpayer perspective: 1. Since the "savings" has already been tagged for Pell grants and numerous other education initiatives, there really is no "savings" to the taxpayer at all. 2. Dept of Ed (ED) will borrow from treasury to make these loans - Treasury from ... China. More debt – tens of billions per year. 3. ED will contract with FFELP lenders to service these loans - already signed contracts with 4 of the largest lenders. Call it subsidy, special allowance or service fees - its the same thing. ED will still be paying private lenders. So, SAFRA will actually cost the taxpayers almost 1/2 trillion over the nx 10 yrs. Second – borrower perspective: 1. Congress and ED make the rules and set interest rates on student loans - not FFELP. 2. FFELP lenders will be servicing the loans - not ED. 3. FFELP lenders offer incentives to lower interest rates on FFELP loans - ED does not So, the borrower experience will not change – and they will get no incentives. Additional points: * ED will actually profit (interest and fees) from these loans – government profiting from taxpayers while plunging them into debt at the same time. I’m willing to bet this “profit” will just get spent on other “initiatives” rather than help defray the cost of the program. * ED will increase their staff to originate all those loans. * Elimination of about 30,000 middle class, private sector jobs - loan processors, accountants, IT, customer service, … . And the associated tax revenue. Every loan of all types has to be serviced – consumer, mortgage, student, … . Student loans are by far the most complex and, therefore, the most expensive, to service of all. Many, many regulations that no other loan has to comply with - all kinds of deferments, forbearances, letters, calls, … . ED couldn’t handle this if they wanted to. That’s why SAFRA specifies they must contract with existing lenders for servicing. Nothing comes for free.