Having been the recipient of both Pell Grants and Stafford loans, I can vouch for the critical importance of these programs. Maybe for people whseo parents are in the 1% of wage earners and don’t rely on financial assistance to afford college, these programs don’t matter, but for me, and millions of others who have benefited, you bet they matter.
What is the future for America if we our next generation isn’t educated, if we reduce the number of young people that have an opportunity to become the next doctor, teacher, scientist, engineer, and a multitude of other careers.
College is not the only path for a successful life and career, but for young people who WANT to pursue a college degree, money should not be the ultimate decider.
http://www.americanprogress.org/issues/2012/04/student_loan_interest_rates.html
More than 7 million students and their families rely on Subsidized Stafford Loans to help pay for college. The loans distributed by the U.S. Department of Education currently hold an interest rate of 3.4 percent. But that rate is set to double if Congress fails to act by July 1, 2012. If that occurs, millions of students will see their interest rates soar to 6.8 percent on the new loans they take in the next year thereby causing a steep rise in their loan burden and effectively increasing the cost of attaining a college degree. At a time when tuition is rising at 8.3 percent a year and median wages for young people are falling, young Americans and their families can ill afford more Washington inaction.
Well, yes, since Harvard is sitting on a 32 billion dollar endowment, let us, the taxpayers, bear the risk, please!
I don’t even understand your point Slow. What does Harvard have to do with the average person affording college?
Long story..
Harvard’s sitting on 32 bil, don’t use it to help kids, instead take advantage of government subsidizing student loans.
Government pouring money into the student loan process allows kids to borrow, colleges to jack up costs, and the taxpayers get stuck with the risk of student defaulting. It’s hard to explain to liberals.
@SlowpokeRodriguez
Strange comment. What percentage of college students in the US attend Harvard?
Its Harvard’s money. They can do with it what they want. Are you going to start telling a private university what it can and can’t do with its own money?
Actually, it was your cryptic note no one could understand, not our political leanings.
I am just betting here that Harvard has fewer student loans than most places.
Harvard is just one example of many universities that are sitting on HUGE endowments. I do love your argument. It’s the 1%’s money. They can do with it what they want. Are you going to start telling private citizens how much more tax money you think they ought to pay into the treasury? I’m saying that many universities have so much cash that they don’t need the government pumping more money into the system for students to get low interest rates. Like I said, it’s hard to explain to lefties!
Don’t get me wrong….here I’m just making observations….I’m not committed to having student loans at higher interest rates. I’m sure even Romney is for this. I’m just saying that in principle, subsidizing things screws them up in the end.
“I’m just saying that in principle, subsidizing things screws them up in the end.” Good point. The same can be said for peoples’ lives, and we have thousands of examples of that.
@SlowpokeRodriguez
Yes, Why is my favorite Indian school begging for money every month when the Church is sitting on billions of dollars? Its their money and they can do with it as they want. Its up to me whether I give in to their begging which I usually do.
Paying taxes and what the tax rate is for various levels of income is not the same thing. 16th amendment and all.
The President thinks that an educated population best serves the nation. I am sure Romney would agree with him.
Are you all questioning the GI bill? Isn’t that a subsidy? It has been touted as one of the greatest equalizers ever and the one of the programs that has truly made America great. All those men coming back from WWII and Korea getting an education that would have been beyond their means. Imagine. Those millions of men all getting some post grad education. They didn’t all get degrees but they became better educated.
There is no equivalency between the GI bill and student loans.
@Cato
No one said there was. However, the GI bill is an example of “subsidized” eduation. It was an on-going conversation.
Do people here argue for the sake of argument? You are a great example of that Slow. In the everyday world that most people exist, and most are middle class, and most are struggling these days financially, why try to make an obscure point.
@Elena
Please reference post #7. This is not something I’m emotionally committed to. I myself benefitted from low-interest student loans. Of course, I paid mine back, and now I’m paying my wife’s back. And hey, you’re not going to get any argument outta me on churches sitting on mounds of cash. Have you been watching the Catholic Church sticking their nose in politics and getting it cut off? I’d have rekoved their tax-exempt status a LONG time ago. GI Bill and Sallie Mae? Apples and Bowling Balls.
You call me Elena if you want….It confuses us sometimes.
At last, real discussion. Paying back a spouse’s student loans…that’s tough. I think education was just cheaper in the good old days. Neither Mr. Howler of I had any. I am not sure why. Neither of our parents had money. They were educators.
GI Bill and Sallie Mae??? The GI Bill subsidies education to vets. What else it is? No one is comparing anything.
Hmm, I hit “reply” to MoonHowler and it said “@Elena”
Calling the GI Bill a subsidy is exactly the same as calling SS and Medicare entitlements. First of all, you have to pay into it (or at least in my day you did). Secondly, it’s part of a compact between you and the government which essentially affords you some privileges if you’re willing to risk life and limb, go without a shower for 90+ days in 104 degree heat, eat 8 year old meals from a plastic bag then wipe yourself with a quarter square of tissue obtained from aforementioned plastic bag after relieving yourself in a hole you just dug. Think about it as sweat equity.
I’m actually agreeing with you folks….education WAS cheaper…..and I’m saying it’s partially the government causing cheap money to be available to everyone whether they belong in school or not that is contributing to the problem. My God, did the lessons on the housing bubble not stick to ANYONE?