Get sick, get well
Hang around a ink well
Ring bell, hard to tell
If anything is goin' to sell
-- Bob Dylan

Friday, June 28, 2013

Student college loan rates will double next week. Another win for Wall St.

Despite all the big talk coming from administration ed bureaucrats about college readiness, 21st-Century learning, and Common Core Standards, a college education is becoming a more distant possibility for all but the wealthiest students and their families. 

Congressional action that would keep student loan rates from doubling on July 1 seems ready to die on the Senate floor, blocked by Dem. Majority Leader Harry Reed. Barring a last-minute breakthrough, 7.4 million university students will see rates on their federal Stafford loans jump to 6.8 percent from 3.4 percent on July 1.
Democratic leaders, once convinced they could win a clear victory over Republicans, were reduced Wednesday to arguing that allowing interest rates to double would be better than fixing loans to fluctuating market rates.\
“I don’t know,” Senator Richard J. Durbin of Illinois, the No. 2 Democrat, said with a shrug. “Student groups said: ‘Let it double. We’d rather see it double to 6.8 than the alternatives we’ve heard.’ ”
Student groups???

No comments:

Post a Comment