< HOME  Monday, March 06, 2006

Interest drains the life out of American Students

Our government is a front for moneylenders. The only solution is to clean house.
Congress narrowly passed a deficit-reduction bill last month that cut $12 billion from student loan programs, which was signed by the president. The new law will slash subsidies to lenders and raise interest rates on loans taken out by parents.

Lawmakers already had approved a steep increase in interest rates for Stafford loans, used by nearly 10 million students each year. Both rate increases take effect July 1.
Just in case you missed that, the relatively low interest rates that students were hitherto enjoying was actually subsidized by tax payers. Now, that the government no longer cares to collect taxes to pay those greedy lenders, it's going to let them have their way with us one-on-one.

Now is to remind readers of how this all works.

3 Comments:

At Monday, March 06, 2006, Blogger Left of Center said...

You'll notice that when Bush talks about people going to college, he usually says community college. More and more the students in four year universities are from the top economic rungs. Middle class kids who end school, start their lives saddled with outrageous debt. meanwhile the kids of the wealthy can start investing and buying BMW's right away.

 
At Monday, March 06, 2006, Blogger Red Tulips said...

Oh, in addition to this - they are draining money from the pensions of fed employees.

Bottom line, I will probably owe around $170K when I graduate from law school, with no chance of paying it off.

I live in so much terror about it, I generally choose to ignore this fact.

 
At Monday, March 06, 2006, Anonymous drac said...

Wow do I feel bad for my younger brothers... This is awful

 

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