So not enough members of Congress give a crap that students are sliding deeper and deeper into debt during a recession, huh? Just more members for Occupy:
WASHINGTON – College would get costlier for millions of low- and middle-income student loan recipients starting next fall, unless Congress intervenes.
The fixed interest rate on Stafford federal subsidized loans, held by nearly 8 million undergraduates, is set to double on July 1, a few months before the start of the new school year.
President Obama has asked Congress to block the rate hike for current and future Stafford loan recipients, but legislation aimed at keeping it permanently at 3.4% has stalled in Congress.
Obama’s fiscal 2013 budget would freeze the interest rate at 3.4% for a year.
“We’re saying to Congress, now is not the time to make school more expensive for young people,” Obama said last month when he unveiled the budget. “And they can act right now to make that change.”
Advocates aren’t sure if there’s enough support in Congress to prevent the interest rate from doubling to 6.8%.
If the rate does double, recipients would pay an extra $5,000 over 10 years if they borrow the maximum $23,000, said Rich Williams, a higher-education policy analyst at the U.S. Public Interest Research Group.
Every Republican holding office should be voted out of office in November. We can take care of the Democrats in 2014.
BS Imhotep. When it comes to people like you, it’ll always be time to take care of the Democrats in another 2 years.
At a time when interest rates in general are almost impossibly low, and as long as there is the prospect of significant deflation over the next few years, this is just crazy.
Well, I don’t about you, Soullite……….who do YOU think we ought to “take care of” if not the Dems in 2014???
From what I can tell, the student loan program was designed to create guaranteed risk-free profits for the banks at public expense, rather than to help the students.
People like me? Define “people like me” please. The point here is that you can not throw everybody IN office now, OUT of office in November. If you do that Romney becomes the president, the Senate becomes Republican and so does the House. You’d like at least two full years of ALL Republican rule? Is that what you’d like? You can’t consume the whole turkey in one bite. But you can eat the whole turkey one bite at a time.
Looks to me as though the big donors are buying derivatives betting on a widescale default in student loans.
Yes, I think that’s exactly what they’re doing.