The interest rate for federally subsidized student loans is scheduled to jump from 3.4 percent to 6.8 percent for some 7.4 million students on July 1 if Congress does not act.
Now I'm barely numerate, but when I graduated college, I was saddled with student loans by virtue of Mickey not being my father.
And I paid 8% on those loans. And somehow was able to pay them off.
But the kids of today are crying over the possibilty of paying 20% less than I paid...and somehow I'll end up paying for their loans as well. And that my friends is what's wrong with America.
Let the rate rise. Let the kids have a little hardship in their life beyond 'the B button on the controller isn't working.' I know I sound grumpy, but kids really have been spoiled when their biggest angst is paying less than I did in interest. Instead of mobilizing to protest that, mobilize to protest the true job-killers in this country- over-regulation including onerous zoning laws (have you tried to open a steel mill lately? How about a nuclear plant?). THEN maybe there would be jobs available after they graduate, and they could easily afford to pay off the onerous burden of 6.4% interest (I would be curious as to how many of the students affected carry a balance on their credit cards...and if the rate on the card is less than 6.4% or not)
-Zjabs (Rochester's Official Columnist)
© 2012 Zjabs - 4/30/12