Stealing America’s Future – Deficit Reductions From the Wallets of Grad Students

by jhwygirl

I’ve not read even a portion of it, but here’s the entire enchilada of the deficit ceiling bill (or whatever the cool kids are calling it today).

What I did pass by today in my quick reads was this story which has $21.6 billion in savings for the taxpayers, but will cost students dearly. From the story:

This change would shift some $125 billion in loan volume over to unsubsidized loans and would cost students $18.1 billion over the next decade, according to the Congressional Budget Office.

The student loan cuts start on page 71.

The whole student loan program is screwed up. The federal government guarantees student loans. They pay the interest on these loans while students are in school. Students get loans from banks. Banks get the money from the feds and charge students interest. Tell me that isn’t screwed up.

Why can’t the federal government back these loans? They can back Canadian-built transmission lines but they can’t back the higher education of its citizens? Student loans are a guaranteed steady source of income. You can’t default on them. Why does the federal government loan money at treasury rates to banks that will charge 7% or more in interest on loans that they know they will be able to collect? That’s just plain stupid.

We’ve handed the Class of 2011 one hell of a mess. They aren’t going to find jobs in this economy – and now we’re gonna make ’em fund the banks should they choose to further their education while the economy recovers?

We didn’t just push this stuff off on the middle class – we directly billed a bunch of 20-somethings.

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  1. Escapee

    Censorious in the extreme, weak intellect, weak will, weak ability to respond to a comment that was not even confrontational. You are a piece of work, J-whatever. A piece of work. I can’t even begin to respect anything about you.

    • Escapee

      I put this comment up after she censored a comment that merely addressed the arguments she raise. She might be leaving this one up to make it appear as though I am launching an unprovoked attack. She’s a tad passive aggressive, in my experience.

  2. Rawr

    This is the only piece of common sense I’ve ever seen you write. That is, 80% of it.

  3. Steve W

    Obama: Debt Ceiling Deal Required Tough Concessions By Both Democrats And Democrats Alike

    http://www.theonion.com/articles/obama-debt-ceiling-deal-required-tough-concessions,21067/




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