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.

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Stanley Rampersad
stan Balgobin3 years ago

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

Nancy L.
Nancy L.3 years ago

Thanks for posting.

Mary B.
Mary B.3 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 Lomas3 years ago

Your kidding. Since when did Repugs ever think?

TERRANCE N.3 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!

Paul B.
Paul B.3 years ago

Today at 49 we can't even afford to pay down her relatively modest student debt (about $60K or so) no less our other anchor of business debt, a typical SBA loan for cracking open her solo practice which unless she runs the 35-40 patient a day Hamster Wheel with Crap Care, McCare one goes broke.... so here's # 2.

2) SBA loans need to be dischargeable too for all the same kind of logical reasons as the student loans above. Don't we want inventive, inspired small business people and recent grads to feel empowered, and safe enough to take the big leap and try to crack open a good new small business? Here's the main solution...

3) Guarentee Loans for the Lendee instead of for the Lender!!!! Similar levels of expenses most probably but instead of ONLY protecting the Large Banks! What an F'ing Nightmare!!! If we protect the lendee (and who here wouldn't pay a small 1% point to help pay for such insurance? Heck I even asked if such a product existed when we took out my wife's SBA loans years ago) then BOTH Sides are equally protected, so now we don't strangle the average guy or gal who is trying to get ahead or do something positive for themselves and society and yes we can protect those poor, helpless so in need of our institutional protections Banks... :-)

Thoughts, Ideas, Comments, Feedback???

Paul B.
Paul B.3 years ago

I have recently been reading about how many states are basically allowing, even supporting the modern version of "Debtor's Prison". Seriously Folks.... The way that these greedy and PUNITIVE SOB's get around the intent of the laws is by creating fines and penalties that go unpaid, and those you can be arrested for, for lack of payment, regardless of your ability to pay!!! Yes its all too true, Debtor's Prison is alive and well even though we all thought it was eliminated over a century ago.

There are a few reforms we all need to half level the paying field and give back some about of power and relief to the people IMHO, anyway.... so here we go:

1) I Absolutely agree with the majority here, we must allow folks to discharge large amounts of debt once again in bankrucpty filings and court. MUST, without it, one is a slave forever to those who own your note, endentor servitude is alive and well. This Concept of student loans being an anchor around someone's neck for 25-30 years is just insane. Isn't the concept of attending an place of higher education mainly for allowing one to get ahead financially, economically and professionally? I sort of half heartedly applaud the President for reducing it from 30 to 25 years.. But 25 years!!! My wife went back to school at around 30 years old and didn't finish her training in Primary Care, Family Practice until she just under 40 years old. Today at 49 we can't even afford to pay down her relatively modest student debt (about $60K or

Cậu .
Cậu .3 years ago

There has certainly been some major developments in how the world interacts. I see the different readers have a wide variety of views.
California payday loans /

Chad A.
Chad Anderson3 years ago

We need to build societal counterweights to the power of finance. Political parties are not enough-President Obama has done too much for finance capital. Workers, professionals, farmers, and small business people need to unite to demand a fair economy.

Marlene C.
Marlene C.3 years ago

What never fails to astound me is the huge number of Republican supporters in the middle/poor levels in this country. What are they smoking?