COLLEGE STUDENT LOANS DOUBLE ON OBAMA’S WATCH
Everyone knows that colleges are out of control with the prices they charge and now students are going to have to pay double the interest (from 3.4% to 6.8%) on any loan that is subsidized by the government. Predictably, President Obama is blaming Congress and Republicans but the truth remains: it is happening while he piles up debt like no other President before him and the nation is going down the toilet on his watch.
It is the younger generations that got Obama elected twice so maybe they deserve what they are getting. They love him and voted for him so they must be willing to take those lower paying jobs (if they can find one) in an economy that has been sputtering every day he has been President.
Oh I know, Obama has always fought for bigger college grants and more aid to students.
But what Obama fails to realize is that he is just enabling colleges to keep raising prices. Free money from the government enables students to keep paying those higher tuition costs and so colleges and Universities have no incentive to try to curb costs and bring down prices. Until there is a student revolt, there will be no change. Until the myth that a college degree is necessary is dispelled, tuition prices will not go down.
At some point, students have to say enough is enough. Aren’t we already at a price where college isn’t worth it for many students, especially where there are few jobs for them when they get out?
Now Congress needs more money to fund ObamaCare and one place they are trying to get it is from raising student loan rates. Maybe they will reconsider and maybe they won’t. Either way, it has shown things are only going to get tougher from here on for our younger generations who will spend the rest of their lives trying to pay off student debt, personal debt, and our national debt.