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Student Loan Rates Double After Congress Stalls

Business  (tags: student loans, money, finance, ethics, politics, society, government )

- 1817 days ago -
Some 7 million borrowers will be hit this fall with new costs of 6.8%, though some lawmakers are still pushing to delay any increase for an additional year.

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Gene J (290)
Monday July 1, 2013, 3:51 pm
Fitting, on the day we learn the average CEO's compensation increased by 16% last year, we double student's interest rate. And the House again adopts the Ryan draconian budget for everyone but those CEO's. Can't no one accuse this country of having its priorities backwards. I swear sometimes it seems our 1% and our Congress are actually trying to goad the country into an American Spring. Good thing we have those well-regulated militia's, huh?

Carol H (229)
Monday July 1, 2013, 4:36 pm
sadly noted

Roseann d (178)
Monday July 1, 2013, 4:46 pm
We happened to be watching The Tudors yesterday. And on further research, I was surprised to learn that it was Ann Boleyn's influence on getting Henry VIII to recognize the importance on investing in Education. Centuries would think this would be a No-Brainer....But then Education means greater power and knowledge for a better society. Today's Congress and Corporations prefer that we have neither power nor knowledge.

Lois Jordan (63)
Monday July 1, 2013, 6:27 pm
Elizabeth Warren had a great bill to lower student debt...which went nowhere because Congress just loves picking on kids and hates education. I believe all education should be free, like in so many other countries. Hopefully, when Congress returns from (another) vacation, a bill will be passed to lower this debt scourge.

Kit B (276)
Monday July 1, 2013, 6:31 pm

This will have wipe sweeping impact on our students and the educational institutions. Who but the wealthy can afford higher education? Why do we always have to wait for Congress to have another vacation before they can or will act?

pam w (139)
Monday July 1, 2013, 6:44 pm
Meanwhile, big business pays the lowest taxes in history.

Far be it from THEM to do THEIR share!

Mimi Jenkins (0)
Monday July 1, 2013, 6:56 pm
Truly sad. So the students are facing doubled loan rates coupled with not being able to find a decent paying job to pay off the loans. My son was promised by the technical institute he graduated from that they would find him a job. It's been almost two years and guess who's paying the student loan back....yours truly.

Honestly, who can afford higher education these days unless you are wealthy?

Sue L (63)
Monday July 1, 2013, 7:46 pm
This is ridiculous! There is absolutely no reason to do this and will cause undue hardship on grads already struggling to find jobs that pay enough to be able to pay back their loan and have enough money to actually live on.

Rob G (4)
Monday July 1, 2013, 8:26 pm
The costs of education have faced the highest inflation of all expense categories over the last 35 years --- more than the ridiculously high cost increases for healthcare, even.

Helen P (39)
Monday July 1, 2013, 10:14 pm
Don't even fools know that if you double the scholarship loans, those who provide professional services for which they had to take out student loans are going to jack up their prices sky high so they can pay for those student loans?

Those who worship money will be offending their gods.

Poor people don't go to specialists doctors very often because even the co-pays for specialists are too expensive.

I'll wager most of those who voted to double the student loans will go off to the specialist for the slightest reason. Most people who worship money grab every savings they can get. Paying double the rate for professional services will not please their idols of greed.

De D (96)
Tuesday July 2, 2013, 12:08 am
Why increase this at all?

Birgit W (160)
Tuesday July 2, 2013, 1:49 pm

Kathryn Niell (112)
Tuesday July 2, 2013, 2:45 pm
In the '60's, when I was in college, a student could work six to seven hours a week at a minimum wage job and pay their expenses. Not so today. Why our elected officials don't seem to understand that, by guaranteeing access to higher education, we open the door for many more people to enter or stay in the middle class. And these people will pay more in taxes over their working careers than those without a college degree. Duh!

S J (130)
Tuesday July 2, 2013, 3:03 pm
It seems to me congress want the people educated less and less. I feel so sorry for young generations.
Sadly noted, thanks Cal.

Deborah W (6)
Tuesday July 2, 2013, 3:37 pm
Weak-kneed leader ... Congress stalls. What good are any of them? Time to houseclean next change we get.

Sue H (7)
Tuesday July 2, 2013, 5:53 pm
SHAME on Congress. !

Patricia H. (440)
Wednesday July 3, 2013, 1:42 am

Past Member (0)
Saturday July 6, 2013, 4:46 am
Maybe they should teach cost/benefit analysis is high schools and many people would decide it's not worth it, then again, doesn't seem like people try to minimize the cost, or even finish the degree in the allocated time.

Melania Padilla (122)
Wednesday July 10, 2013, 12:39 pm
So bad, shame!
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