I can’t take it anymore! Now it’s student loan interest rates that are going up—if Congress doesn’t do anything about it before July 1, that is.
It’s incredible to me that Congress is so out of touch with the average American citizen. How can they just sit back and allow the interest rate on student loans to double on July 1, taking them from 3.4 percent to 6.8 percent?
Mortgage rates aren’t even that high.
If this happens even more Americans are going to be priced right out of a college education, more Americans are going to be left with outrageous payments after they complete their education and it will in turn, effect the economy drastically.
Less small business will be able to be created, students may have to work two jobs just to pay back their student loans making it harder to purchase homes, cars and other large ticket items that keep the economy moving forward.
This is a problem for every American, not just Democrats or Republicans. This is a bi-partisan issue and one that Congress needs to take seriously and move on quickly.
President Obama is currently touring college campuses to alert students of this upcoming threat to their education and well-being.
Both Pres. Obama and Republican presidential candidate Mitt Romney support keeping the student loan interest rate where it is.
According to the Center for American Progress, April 2012, for each year that Congress fails to prevent interest rates from doubling, the added interest will cost students up to $1,000 more in debt. Students taking more time to pay back their loans could end up paying back up to $11,000 in additional interest over the life of their loan.
Student loan debt affects where new graduates work, live, whether or not they will start a family and what types of careers they will pursue.
Can you imagine the amount of debt a medical or dental student incurs just to graduate? Add a doubling interest rate and the cost to open or buy a practice and many up and coming doctors may have second thoughts.
Many high school graduates may even forego college for fear they will never be able to get out of student loan debt.
Every American citizen will be affected if the interest rate jumps to 6.8 percent in July.
Let’s watch and see if members of Congress even care!