Clinton's Student Loan Plan

In 1993 President Clinton tried passing a student loan plan. this plan was to help impoverish students get money for collage easier than ever. This plan was to allow the student to be able to directly borrow money from the Federal Government instead of having to get a loan from the bank, then qualify for the loan, and meet some other requirements. that whole process takes way to long to do, so Clinton tried to make the process shorter, easier, and more manageable for the student to get access to. This gives more Impoverish students a chance at college, but there was one problem. Most people in the legislature were going against this plan.

"Bankers' groups have been lobbying vigorously against the legislation, arguing that private industry can serve the students more efficiently than the Government."

By taking the student loans out of the bank that makes the local banks lose money, which also takes down the salary of the workers. These banks argued that they would do a better job than the  Federal Government because they have the experience and many customers may not switch over anyways. The plan failed and Clinton lost.