Wednesday, July 10, 2013

Student loan debacle in Senate

I favor basing student loan rates on something real, like the T-bill rate. Not on the daily politics of the US Senate.

Serious senators say Stafford student loans should have a market-based rate of 10-year T-bill plus 1.85 per cent. This would now be 3.66 per cent. Senators Manchen, Carper of Delaware and King of Maine. It looks like some Republicans favor this, but they don't count.

The hyper liberals can't see straight over this. They say that the rate could be 7.1 per cent - in 2019!! Harkin of Iowa and Native American Elizabeth Warren of MA. They want runaway rates?? Guess so.

The two groups got almost to name calling and even had conflicting press conferences. Guess where soft-spoken Dinghy Harry Reid was? He is holding for 6.8 per cent…. oh, slightly lower is OK.

And the "kick it down the road" crowd is active. Didn't do anything before July 1. And now… Don't do anything. Delay it a year… Then… Do it again. Casey of PA and Reed of RI.

The reporter says Obama agrees with me!!

The Hill


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