“Imagine if a banker got to decide if your child could go to college” was the first line in the latest radio ad from Russ Feingold. The ad was meant to target Congressman Ron Johnson but instead painted the banking industry in a negative light on the issue of student loans. WBA has strongly conveyed its disappointment and concerns to Feingold’s campaign and has requested that the ad be taken off the air.
As a follow up to the initial conversations with the Feingold campaign, WBA’s Rose Oswald Poels wrote: “Bankers have spent their entire careers helping individuals and families financially prepare for their future. We provide extensive education and counseling to help them save for larger future purchases, including saving for their child(ren)’s post-high school education. These efforts are for the intended purpose of helping ensure that more students are financially able to attend a technical college or four-year university if they so choose, not fewer.” The email also reiterated many of the points Oswald Poels had made earlier with the campaign including the fact that the majority of Wisconsin banks no longer offer student loans. In today’s market, there is very little direct lending to the student individually by a bank.
WBA will continue to report on this issue as well as what action Feingold indicates his campaign will take.