Student Loan Debt
Here is a perfect opportunity to deregulate when it comes to student loans as this article points out. [The News Tribune--Loan ripoff is a test of rhetoric]
There are few burdens larger than leaving college and grad school with huge debts hanging over your head. I know from experience that leaving school with more than a $100,000 debt is an overwhelming obstacle. I was one of the students with the interest rates of 9% and no option to refinance at a lower rate.
This piece of legislation may seem trivial to many, but for those that have 10-20 years to pay off a debt, it can be overwhelming. Republican leaders have every opportunity to assist students by deregulating these loans and letting the market dictate the rates just as any other loan. Ted Kennedy does have it right on this issue.
It is tough enough to pay for college as it is and this is just one more unneeded obstacle that could easily be changed.
This is another example of where special interest and PAC money effectively harm every day citizens trying to better their futures and communities.
Think of all the charitable giving that could take place if we weren’t burdened with overwhelming debt. Think of how we could help our local communities and our neighbors.
If the republicans cannot get this legislation changed, Shame On Them!!
There are few burdens larger than leaving college and grad school with huge debts hanging over your head. I know from experience that leaving school with more than a $100,000 debt is an overwhelming obstacle. I was one of the students with the interest rates of 9% and no option to refinance at a lower rate.
This piece of legislation may seem trivial to many, but for those that have 10-20 years to pay off a debt, it can be overwhelming. Republican leaders have every opportunity to assist students by deregulating these loans and letting the market dictate the rates just as any other loan. Ted Kennedy does have it right on this issue.
It is tough enough to pay for college as it is and this is just one more unneeded obstacle that could easily be changed.
This is another example of where special interest and PAC money effectively harm every day citizens trying to better their futures and communities.
Think of all the charitable giving that could take place if we weren’t burdened with overwhelming debt. Think of how we could help our local communities and our neighbors.
If the republicans cannot get this legislation changed, Shame On Them!!
posted by Anonymous at 6:00 AM
1 Comments:
http://www.usnews.com/usnews/edu/articles/031027/27loans.htm
Don't know if this link will work but if you want to know what the Republicans have done to student loans read this article.
Ted Kennedy has been probably the biggest supporter of the Direct Loans program which cuts big business out of the loop and saves both the students and the taxpayers money.
Since 1998 the Direct Loans program has offered student loan borrowers several opportunities to refinance at lower interest rates. Unfortunately, the lenders in the Federal Family Education Loans program can legally refuse to release the loans that they hold, thereby blocking the borrower from lowering the interest rate or obtaining other more favorable terms.
The Department of Education already has a cost-effective program that favors students in place but the Reupublicans have crippled it by protecting, and in fact giving advantages (on a silver platter)to the FFEL lenders which are often private companies.
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