We fear that the FCC order will make every college and university replace every router and every switch in their systems. The cost of doing that is substantial.

This is the mother of all unfunded mandates.

It is going to affect anyone who makes or takes out a student loan.

Our quarrel with them is fairly specific. We are concerned about the cost, and the complexity, and the schedule on which they want this accomplished.

As an industry, we have not done anything like this before. Our goal is simply to increase public understanding of the broad role that higher education has played in the past and must continue to play in the future.

Essentially, they're going to reinvent Tulane. The kinds of changes they are likely to make would be the most significant restructuring of any American college or university in the last century.

You don't want to say the news is all bad. It's a decidedly mixed bag.

We are witnessing an unprecedented outpouring of support to enroll students. We've never seen anything like this before.

For most colleges and universities, tuition is the largest share of revenue. If you're getting 80 percent of your revenue from tuition and you lose half your students, you're facing enormous difficulties.

We fear that doing what they want will require every router and every switch in an IT system to be replaced.

But on balance, one comes to the conclusion that this is a sad step in the history of the student loan program.

The federal government will spend $12.7 billion less on student loans in the next five years than they would otherwise have done. It will be felt.