This “debate” is so typical of our Senate. Both want the lower rate. One wants to pay for it by again raising our taxes. How brave! Spending my money is so easy!
Why didn’t either one of them tell us the real truth about the student loan program?
- Since President Obama took over the entire program two years ago, we, the tax-payer, are now responsible for all the loans!
- The total student-loan debt is now almost one trillion dollars. This is higher than the entire total U.S. credit card debt!
- The number of loans rose 8% this year alone and 41.4% during Obama’s Presidency.
- Ten percent of all students are behind in their payments within 90 days of graduation.
- The latest study shows that as the number of loans increases, the colleges just increase their tuition to take advantage of the added revenue.
- During the economic downturn, the number of graduates has decreased markedly, resulting in students with no degree but still owing the loan payments .
- Pell grants, originally designed for poor families, has increased to an amazing 60% of ALL students and comprises one half of the entire budget of the Dept of Education – 36 billion tax-payer dollars!
Instead of talking about interest rates, our Senators should have the courage to tell us how bad the entire program is and what they are going to do to correct this massive problem.