Republicans want banks to make money on the backs of college students, our future entrepreneurs, the supporters of our future economy.
That would strap them with debt affecting consumer spending, their spending, and drag economic growth. But that’s somebody else’s problem I guess.
Why are Republicans and President Obama are getting a pass on doubling, even tripling student loan rates? Aren't conservative parents just as angry as liberal parents when it comes to something that’ll hit them big time in the pocketbook?
Republicans are hell bent on gouging students, all the while they're making claims in Wisconsin that they’re concerned about crushing student debt. How can they get away with that?
Democrats are bragging about this wonderful hard fought concession that proves these guys are hopeless.
HuffingtonPost: The deal would offer students lower interest rates through the 2015 academic year, but then rates were expected to climb … but Democrats won a protection for students that rates would never climb higher than 8.25 percent for undergraduate students. Graduate students would not pay rates higher than 9.5 percent and parents' rates would top out at 10.5 percent.
That’s just plain outrageous. In fact, the Democrats gave up a huge campaign issue:
Leaders from both parties, however, recognized the potential to be blamed for the added costs in the 2014 elections if nothing were done.
Sen. Elizabeth Warren would give students the same rate as banks, “Instead of helping our students, the government is making a profit on student loans,” Warren said of the profit figures during a conference filled with young people. “The federal government will make $51 billion in profits off student loans. That is wrong. It is morally wrong. That is obscene.”
“The government should not be making profits off the backs of our students," she said. "Period.”
The higher the debt load and monthly payments, the less money workers have to use as down payments for new homes, cars or to sock away for retirement.
Warren is pushing her one year solution; students would borrow at the same rate that big banks do, around 0.75 percent.