Apr 15, 2013
Debt, averaging $27,000 throughout the country for student loans, is an enormous burden on a majority of students, even ones who have already left college – with or without a degree. As if that weren’t bad enough in these times of austerity, the interest rates on the loans are being allowed to double on July 1, thanks to Congress.
During the election campaign last year, Congress cried crocodile tears about the poor young people and voted to extend the lower interest rate. Now that the election is over, Congress is allowing the higher rate to kick in.
What is the result? The federal government expects to bring in 34 BILLION dollars from student loans being repaid in the next year – ripped off from young people who would not even be able to afford the current rates!
And Congress’s tears are nowhere to be seen.