July 1st: Federal student loan rate doubles.

[Direckshun]

The Senate attempted to vote today to prevent that from happening. They were going to keep their vote revenue-neutral by closing a particular tax loophole used by the very wealthy.

It was blocked, by Republicans.

I didn't see a thread up about this. I just figured we needed to know about it.

Our students are doing exactly what Republicans and conservatives want them to -- they are proactively doing what they can to make life better for themselves by getting an education.

We're potentially rewarding them for their efforts by doubling what they will have to pay back, in order to protect a loophole for millionaires.

The Republican Party, theoretically for pulling yourself up by your bootstraps. Theoretically for simplifying the tax code. Is violating both principles, it seems, with their actions today.

We've got a couple months. Maybe things change soon.

[Bo's Pelini]

This should lower the cost of an education long term.

[J Diddy]

Yeah, it kind of ****s me.

[vailpass]

I'm sure there isn't any more to this story and that the OP is relating the situation in an unbiased manner.

[J Diddy]

Originally Posted by Bo's Pelini

This should lower the cost of an education long term.

How does doubling my interest factor into that equation?

[J Diddy]

Originally Posted by vailpass

I'm sure there isn't any more to this story and that the OP is relating the situation in an unbiased manner.

There pretty much isn't.

[Saul Good]

We aren't encouraging people to borrow tens of thousands of dollars before they have jobs anymore? Oh no!

[cosmo20002]

If you want a college education, you are a snob. You think you're better than me?

--Rick Santorum - BA, MBA, JD

[mlyonsd]

If the dems are so worried about student loans maybe the senate should just vote in the house version that passed in April that does the same thing.

[Bo's Pelini]

Originally Posted by J Diddy

How does doubling my interest factor into that equation?

Because lower interest rates have done nothing schools continue to raise rates.

[J Diddy]

Originally Posted by Saul Good

We aren't encouraging people to borrow tens of thousands of dollars before they have jobs anymore? Oh no!

You think that's going to discourage them? It's just going to make it harder to pay back.

[Bo's Pelini]

Originally Posted by Saul Good

We aren't encouraging people to borrow tens of thousands of dollars before they have jobs anymore? Oh no!

Exactly. Student loan debt has passed credit card debt.

[J Diddy]

Originally Posted by Bo's Pelini

Because lower interest rates have done nothing schools continue to raise rates.

and how does doubling my interest rate stop my school from raising their rates?

[Bo's Pelini]

Originally Posted by J Diddy

and how does doubling my interest rate stop my school from raising their rates?

Less people will be going to college thus creating a lower demand.

[J Diddy]

Originally Posted by Bo's Pelini

Less people will be going to college thus creating a lower demand.

Well that's a brilliant solution. Take away the opportunity.