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Arne Duncan Pushes Plan to Overhaul Student Lending: 'A Free Ride From Taxpayers For Too Long'

04/23/2010 05:12 am ET | Updated May 25, 2011

Mr. Duncan disputed the assertion that jobs would decline, saying that private companies would receive larger, competitive contracts to service the loans. Taking up the administration's increasingly populist tone, he described the banks opposing the plan in blistering terms.

He called the loan subsidies "a sweet deal for banks," said "working Americans pay while bankers get rich" and singled out Sallie Mae, the largest student lender, for paying executives "hundreds of millions of dollars in the last decade" while middle-class Americans faced crushing college debts.

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