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.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.
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.
Now is to remind readers of how this all works.