Senate close to deal to extend low interest rates on student loans. It's about time don't you think?
CCRNRT
2012/06/23 19:36:17
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(CNN) -- Senate negotiators were closing in on an
agreement Friday to extend for one year lower interests rates on some
student loans, Senate aides from both parties told CNN.
The aides predicted a
deal would be reached and the legislation approved before the July 1
deadline when Stafford loans are set to double from 3.4% to 6.8%.
Democratic and Republican
lawmakers have agreed for weeks to extend the low rates but have
differed on how to off-set the $6 billion in federal subsidies so they
don't increase the deficit.
"Senate Democrats are
finally working with us and a solution is within reach," said Don
Stewart, a spokesman for Sen. Mitch McConnell, the Republican leader.
Top Opinion
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jubil8 BN-0 PON 2012/06/23 20:56:00None of the above
+3I don't care what the RATES are -- I want to be sure payback is enforced, and there are stiff penalties for defaulting, including making it part of your permanent work history and reducing the amount of SS you will get when you retire (assuming there will be any left to get, that is).
Lowering the interest rates on the student loans is good and it is bi-partisian.
The bill that got tacked onto 0bozocare to disguise the real cost, the govt. took over the $70Billion per year student loan program from local neighborhood banks.
Now.... the Federal Gubmint is making decisions on how many loans for underwater basket-weaving majors are needed in today's failing economy.
Not only did the move put 1,000's of locals out of work, the same mentality that caused the housing crisis is being applied to handing out student loans with increased risks of a massive number of defaults.
The entire program was hijacked and tacked onto 0bozocare in an amendment to pay for the costs through interest from the loans. The American taxpayers will be left holding the bag when students who washed out default.
How will others repay the loans when they find out there really wasn't that many jobs available for professional finger-painting instructors?
They're making sure they redistribute the $$$$ and giving out loans to people who have less than a 50-50 chance of ever repaying them.
When the wave of defaults start hitting over the next few years, their wont be enough coming in to grant new ones unless more mooola is printed.
So we now have the Senate deciding AFTER THE FACT, what the Rates ought to be?
Once upon a time it was possible to understand banks and financing, remember?