Perhaps private insurers will be forced to charge lower premiums which will put them out of business and funnel this massive amount of money to the federal government who will then do their normal stellar job at prudent financial management.
As part of a higher education package that we passed last year, what we were able to do was to take away subsidies that were going to banks for serving as middlemen in the student loan program and funnel that to help young people, through Pell Grants and lower rates on student loans.