Subj: HOG OF THE MONTH AWARD--from Campaign for an America That Works
Date: 95-10-10 19:01:30 EDT
an America that Works
For more info contact: Stephanie Arellano
Call to Action October 17th. Citibank to receive prestigious "Hog of the Month" award
Citibank promotes legislation to cripple federal direct lenging program that saves taxpayers billions!
On Tuesday October 17, 1995 a broad coalition comprised of labor unions, student, citizen and environmental groups will present Citibank with its latest "Hog of the Month" award.
Citibank earned the award by leading the attack on the direct student loan program. Citibank wants to wipe out direct student loans so that it can make bigger profits at the expense of students and working families.
Citibank is the largest private holder of student loans ($2.8 billion at last count). They got $54 million in taxpayer dollars last year just by participating as a lending institution. These loans are both risk free and profitable for Citibank because the federal government guarantees them and offers the bank a "special allowance" for participating.
Citibank opposes the Direct student loan program because if implemented it would completely eliminate banks from the federal student loan program and send student loans directly to the campus from which they originated.
Citibank is eager to continue raking in profits at the expense of taxpayers, and have fought Direct Lending every step of the way.In fact, because of Citibank and their banking allies Congress is now considering legislation that would nearly eliminate the Direct Lending program. Direct lending is designed to cut greedy banks out of the picture--and put the savings in the hands of American taxpayers. If implemented Direct lending will simplify the student loan process, and save American families and students billions.
The Campaign For An America That Works is calling for you to organize actions in presenting "Hog of the Month" awards to Citibank nationwide. The campaign will provide you with the following materials to assist you in your efforts:
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