Financial Interests behind the Reshaping of American Education
Public education was once the preserve of local and state governments. The federal government took over education after the Civil War.
During the Great Society of LBJ during the 1960s, pubic funds were poured into welfare programs.
The federal government began directly backing student loans with the passage of the Higher Education Act of 1965. The Federal Family Education Loan (FFEL) program was established to provide government-backed loans through private lenders.
In 2010, the government takeover of education advanced through the Health Care and Education Reconciliation Act which ended the FFEL and shifted federal student loan origination to direct lending by the Department of Education.
Therefore since July 1, 2010, all new federal student loans have been issued directly by the U.S. Department of Education, rather than through private lenders.
The Department of Education is far more important and different than many would otherwise believe – and it is through this agency, among others, that the City of London is advancing its financial and ideological agenda within the United States.
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(c) 2024 Susan Bradford
www.susanbradford.org