The government can’t make money any other way, so they come for the pockets of of students that want to make a future for themselves. This student loan madness is NO JOKE, and the old rich folks don’t understand it, because when they were between the ages of 18-24, an education didn’t cost them their limbs.
Currently, the interest rates are 3.4% for subsidized and 6.8% for unsubsidized loans, and the talk of politicians is that these rates are going to DOUBLE on July 1st! Lawmakers are claiming that both Republicans and Democrats wanted to avoid the increase (BULL!), but the division comes to HOW. Drop down below for more on this numbers game.
Tuition goes up every semester as it is, which means we have to continuously borrow. I’ll tell you what, if these rates rise to the 5% plan or the 8.5% capped rate, Obama will not be able to go on ANY more vacations, because I’m following him wherever he goes. In his budget proposal, Obama included flexible rate student loan rates pegged to 10-year Treasury bills. The president did not limit interest rates but included a smaller added interest rate. His plan also expanded income-based repayment options and loan forgiveness. This bill basically says, instead of politicians coming-up with the rates, the financial market will. So now, they want students to leave things up to chance. This pisses me off. Students need to come up with a plan to MARCH or something, because this isn’t right!
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