To Pass or Not to Pass?

My editorial critique is over an article entitled, Government-guaranteed student loans good for students, parents and taxpayers. In this article the author addresses the new bill being passed, HR 3221, which would end new taxpayer subsidies to companies that lend students money for college and allow the Education Department to lend directly to students at lower rates than private lenders. The author argues that this would not only be beneficial to students but to parents and taxpayers as well. The author brings to light all of the positive aspects that this bill would bring about but states nothing about any draw backs or repercussions. As a matter of fact the author states that Critics who are decrying a "takeover" of student loans are ignoring reality. I believe the strongest point the author makes is when they make reference to the banking industry having already benefited from a taxpayer bailout stating, “when the economy tanked last year, many banks, along with other private lenders, shut their counters to students until the federal government poured more money into the student loan program”. Basically, the banks are nothing more than a middle-man that lend government money to students and charge a high interest rate to rake in a hefty profit. Passing this bill would cut out the middle-man and release the financial “choke hold” that private lenders have on students. The author, who’s name is not attached to the editorial, does provide good source information to strengthen their argument. Just going on the facts presented by this author I would agree with them in pushing for this bill to pass. On the other hand, I would like to see the downside of what this might do for the students, taxpayers, and private lenders involved.
See article here.