Obama and Student Loans

26 Apr

The conservative gets really confused by the fervor with which Obama is marketing the proposed retention of the cuts in student loan rates.  The only justification for the president’s rhetoric would seem to be that he is trying, once again, to make this into an issue where the Democrats are FOR the students and Republicans are AGAINST the students – i.e., simply an attempt to gain votes.

 As I understand it, the reduction of the rates was a bipartisan effort in 2007.  As Senator Obama, he neither co-sponsored the original bill to reduce the rates nor did he vote for it (he missed two votes).  Doesn’t sound like it was a huge priority for him back then.  But now he is acting as though it’s a huge point of differentiation between himself and the Republicans.

 As far as I can tell, there is no serious opposition by the Republicans to the extension of the lower rates.  Republicans just think that the $6 billion cost ought to be paid for.  I agree.

 I have a suggestion, though.  Since WHERE a person goes to college is optional – s/he can pick a high-cost college or a lower-cost college – don’t you think we should allow the 3.4% rate on just the first, say, $25,000 in student loan debt and allow the rate to revert to 6.8% for loan debt above that amount?

 What do you think about this issue?

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One Response to “Obama and Student Loans”

  1. illero April 28, 2012 at 9:37 pm #

    As I have addressed in a later post, I do now understand that both Republicans and Democrats want to find ways to pay for this reduction in student loan rates. The Republicans want to take it out of a preventive health fund that is a part of Obamacare (the Democrats also tapped this fund for other things earlier in the year), and the Democrats want to increase revenues to cover it by looking at oil-drilling subsidies and business exemptions.

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