Republicans Think College Students Need More Debt

Republican lawmakers looking for yet another way to enrich Wall Street backers at the expense of the middle-class have their sights set to the future, literally. In July the interest rates on student loans, which are taken out by nearly eight million students each year, will double.

The Obama administration has begun an all-out push to get Congress to extend the low interest rate on federal student loans, but Republicans are deeply opposed to keeping higher education affordable for most Americans. Or, more accurately, they see resisting the extension as a way to immediately reward their political backers while discouraging middle-class and low-income students from pursuing higher education.

Americans currently owe more on student loans than on credit cards with student debt topping $1 trillion for the first time. The Congressional Budget Office has estimated that the one-year freeze on the interest rate for subsidized Stafford loans would cost $6 billion. Republicans argue the extension is too expensive for taxpayers, despite the fact that it is only slightly more than the annual amount the Buffet Rule would have brought in, which Republicans opposed as political theater.

Just like the Republican attacks on women’s rights, this looming battle over student loans illustrates just how different the Republicans are from the Democrats. The battle over student loans is really a battle over opportunity. Democrats see government subsidies to help make college affordable for the middle-income and low-income families a matter of creating opportunity for its citizens. Republicans see making higher education unbearably expensive as a means of creating opportunity for themselves.

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Photo from rrunaway via flickr.

132 comments

ERIKA SOMLAI
ERIKA SOMLAI2 months ago

noted

ERIKA SOMLAI
ERIKA SOMLAI2 months ago

noted

ERIKA SOMLAI
ERIKA SOMLAI3 months ago

noted

ERIKA SOMLAI
ERIKA SOMLAI3 months ago

noted

ERIKA SOMLAI
ERIKA SOMLAI3 months ago

noted

Stanley Rampersad
Stanley Balgobin3 years ago

Now please pray tell how is it that more than 1 student is voting GOP ??

Nancy L.
Nancy L.4 years ago

Thanks for posting.

Mary B.
Mary B.4 years ago

This is insanity, but it's fixable. Everything that needs to be done for things to work for the people, is the opposet of what is being done.We must turn it all around, forgive all debt, fund the social safety net directly,subsidize only clean and renewable fuel sources ,tax consumption, not income,stop makeing work that doesn't really need to be done just to have jobs, stop destroying resources , when something quickly renewable could be used, like hemp for paper, We already have loads of doable solutions, we just need the money shifted from the status quo to the new stuff.The rich will be fine, they always find a way to float to the top, we don't need to push against them and demonize them. That's just old binary type thinking [either /or] and the world is a web of cause and effect not a choice to do things one way or another. We need some big box stores and lots of small businesses, but mostly we ALL need money, a means of exchange. We need some big farms, but they don't need to be cruel from start to finish. I'm sure you get the picture if you're capable of giveing up conflict and can move into the actions of co-operation.

Avril Lomas
Avril Lomas4 years ago

Your kidding. Since when did Repugs ever think?

TERRANCE N.
TERRANCE N.4 years ago

Don't just blame the republicans. Both parties are controlled by the banking industry. The charging of interest is the root cause. The bible described it as usury. All those hypocritical religious right rupublicans quite conveniently skip over this part of the scripture.

Political also forget about usury when it comes to getting their kickbacks by allowing banksters to rule our democracy.

The federal reserves shovels money to the banks with zero interest. These same banks turn an to the public at %20 for credit cards, 30% for payday loans, and %6-%15 for student loans. Then we wonder why most of us are headed for the poor house. Wakeup!