President Obama’s Student Aid and Fiscal Responsibility Act, which would force students to obtain their college loans directly from the federal government, is not an unprecedented consolidation of the student loan industry. In fact, across the Atlantic in the United Kingdom, students must now utilize a centralized authority for their student loan needs. This authority, the Student Loans Company (SLC), has been designated by the government as the sole provider of student loans in the U.K. In its first year, the SLC has already so muddled the process that much of the angered public has called for the resignation, or firing, of its head official. The outrage comes on the heel of reports that more than 100,000 students in the U.K. are still awaiting their first loan payment, months after the start of term. The SLC has found many scapegoats for the delays, including a record rise in loan applications, the recession, and even the transfer of the student loan administration from the various smaller local authorities to the SLC. (more…)