As part of their plan to win back voters to the Democratic Party, the Dems have promised that one of their first acts will be to cut interest rates on federally backed student loans from 6.8% to 3.4%. According to this article, the Republicans really took good care of the student loan industry, and the impending transfer of party control is producing anxiety for lenders who could count on the Republicans to screw over students. One republican congressman went so far as to say (while the reps still controlled Congress), "I have all of you in my two trusted hands. At the end of the day, I believe, you'll be at least satisfied, or even perhaps even happy with the final budget bill."
Comically, the republicans also said, that cutting interest rates would not address a more fundamental problem: the rising cost of college. "The interest rates shouldn't be the major issue here. Rather, the principal — the amount of money students are forced to borrow because of skyrocketing costs — should be," said Steve Forde, a spokesman for Republicans on the House education committee. "Unfortunately, House Democrats don't see it that way and are taking a Band-Aid approach." Correct me if I am wrong, but these are the same people who wanted to give ZERO relief to students? Now all of a sudden they care how much I am shelling out for my education? Talk about hypocrisy. I am so happy the Dems are ruling the roost. I hope they can utilize their new power effectively.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment