Most notably Sallie Mae, which has a history of cheating students, bribing college financial aid officers, and contributing generously Congressional campaigns.

As Matthew Yglesias notes, the college lending giant’s “compromise”, would waste $17 billion a year as compared to direct loans.

Luckily, Obama can eliminate much of the fraud, waste, and abuse, by which I mean much of the private players in the student loan market, through executive orders, as well he should.