Prayers and Action for My Job and Thousands of Jobs Across the USA

[Esoteric]

All my Puff BOTL and SOTL’s, potentially thousands of workers (including my wife and myself) need your assistance to try to avoid us all losing our jobs. This is a serious fight for a lot of workers in Florida, Delaware, Pennsylvania, Indiana and Texas. Prayers and action are needed to try to prevent this from happening the way things are currently proposed.

I found out today that the Student Aid and Fiscal Responsibility Act passed in the House of Representatives by a vote of 252 to 170 and now awaits consideration by the Senate, which has yet to introduce a companion bill. This bill is proposing the elimination of the FFEL (Federal Family Education Loan) program completely by making all student loans completely controlled by our government. This includes the creation, disbursement and all customer service aspects of the student loan industry to be done by Uncle Sam, which would eliminate tons of jobs that currently provide this service today (of which I am a part).

The bill that has been proposed has a great goal in mind and that is to save the government money. The bad thing is the fact that a proposition to reform the current student loan process, while saving all the jobs, has been sent to Washington to our government but they do not seem to be considering it. They are not yet considering it even though it would allow us to cut the costs of student lending today as much as the other bill, keep all the jobs that will be lost as well as to ensure students and schools continue to receive the funding they get today. That is where everyone needs your help.

I have been working in Finance for the student loan industry for 7 years and my wife 6 years. I am 27 years old, she is 24 and we have our third child due on October 8th in just a few weeks. I have a 3 year old daughter and a 5 year old son that I need to continue to provide for so I hope and pray the Senate will consider the equally effective alternative we have proposed. I believe if enough people speak up and sign the petitions online below, we might have a fighting chance.

BOTL and SOTL, I come to you a humble and honorable man that sincerely asks you to review and if you agree, to sign one of the petitions linked below. I cannot lie; I had quite the positive outlook until I heard the news about the bill passing the House. Now I could definitely break down because I do not know what I would do for my children since there are not a lot of jobs here and we have already been told that if this goes through, our geographical footprint will be reduced by 1/3rd (and that includes the job my wife and I have held for a combined 13 years). We live paycheck to paycheck and we could not afford to move, as our family helps us by watching our children.

I am 100% for reform that will help students access funds for college and that is why I hope and pray the Senate will seriously consider the alternative that has been presented to the bill.

www.protectdelawarejobs.com/sign-the-petition
www.protectfloridajobs.com/sign-the-petition
www.protectindianajobs.com/sign-the-petition
www.protectpennsylvaniajobs.com/sign-the-petition
www.protectvirginiajobs.com/

I am sorry to put this out there as this is not something I would normally ask of people but I am now worried about my family’s future as well as the future of all the families that work in this industry so I ask for your thoughts and prayers for everyone impacted across the USA.

Thank you,

Devlin

[ShamWow]

Devlin...I hear and understand your frustration/anxiety/fear about the potential loss of your job and your wife's. I have been a financial aid administer for 23 yrs and have seen the FFELP program go through good and bad periods. With the advent of Direct Lending I was glad for the competition as FFELP had been getting progressively worse in the late 80's and early 90's. Since then FFELP has made huge strides in all aspects of student lending. The schools where I have worked and currently work have been FFELP. But the handwritting was on the wall starting with the freeze in the financial markets last fall. I have come to know many folks like yourself who work for lenders, servicers, and guaranty agencies that may very well loose their jobs....it stinks.

The bill that the House just passed will eliminate competition and put the government in charge of the huge bulk of higher education financing, with NO guarantee that the purported savings will go to increase federal grants to low income students. It's a sad day in America when competition is killed by our own government.

I am not against the government offering Direct Lending, I just want a competing program to keep both programs on their toes and working for the best interests of our students.

This opinion is my own and not necessarily that of my current employer...usual disclaimer to cover my %$#.

Ed

[Esoteric]

Originally Posted by ShamWow

Devlin...I hear and understand your frustration/anxiety/fear about the potential loss of your job and your wife's. I have been a financial aid administer for 23 yrs and have seen the FFELP program go through good and bad periods. With the advent of Direct Lending I was glad for the competition as FFELP had been getting progressively worse in the late 80's and early 90's. Since then FFELP has made huge strides in all aspects of student lending. The schools where I have worked and currently work have been FFELP. But the handwritting was on the wall starting with the freeze in the financial markets last fall. I have come to know many folks like yourself who work for lenders, servicers, and guaranty agencies that may very well loose their jobs....it stinks.

The bill that the House just passed will eliminate competition and put the government in charge of the huge bulk of higher education financing, with NO guarantee that the purported savings will go to increase federal grants to low income students. It's a sad day in America when competition is killed by our own government.

I am not against the government offering Direct Lending, I just want a competing program to keep both programs on their toes and working for the best interests of our students.

This opinion is my own and not necessarily that of my current employer...usual disclaimer to cover my %$#.

Ed

Thank you Ed, I appreciate your sentiments and it is nice to see you are for competition as much as I am.

The Congressional Budget Office (CBO) just released it's estimate of the savings that would be generated by the alternative plan sent in and discovered the savings would be equivilent of the SAFR Act on the table. The problem is, a ton of guarantors and people have already started the lay offs.

Only time will tell what my future as well as the future of a lot of other people holds.

[Delsana]

I'll review it, however know that if one thing can be kept and save the same amount of money when compared to something that isn't kept and can save the same amount of money, my brain starts to go off saying that there is an illogicality there. Something has to be sacrificed to save money, the question is what it is... Now to find out.

However, know that I will pray for the survival of your jobs.

[Esoteric]

Originally Posted by Delsana

I'll review it, however know that if one thing can be kept and save the same amount of money when compared to something that isn't kept and can save the same amount of money, my brain starts to go off saying that there is an illogicality there. Something has to be sacrificed to save money, the question is what it is... Now to find out.

However, know that I will pray for the survival of your jobs.

I know what you mean about the logicality of everything however; never, ever underestimate the power of bureaucracy. The plans indeed save the same amount of money per the CBO’s estimates (which Congress and the Senate go by) but if they use a plan by the Servicing agents currently in place, maybe they fear it will not look as if they “reformed” the student loan system because they did not cut out the middleman. I believe Servicers are seen as the intermediary and the government just wants us cut out of the equation. If they do that, I believe they think people would see that as a big “win” because some in the government make us out to be evil, when in fact, we really do help a lot of people get to college and start the careers of their dreams. Unfortunately, some set out and do not achieve their goals but still do have to repay their loans. I was in the same boat as the latter and was not happy but was thankful someone took the chance on me to go to college and make something of myself.

In addition, I understand what you are inferring concerning the cost savings and the ability to still keep the same jobs still but I think it is a difference from trimming the fat in the industry now versus losing a lot more jobs. Basically, I believe it would be like an outpatient surgery VS the amputation of an arm and a leg.

Those are just my thoughts and I could be wrong but one thing I know is that I believe many great people could lose their careers that they have worked so hard to move up and achieve their goals.