Student Loan Rates Drop: Thank Democrats

For 1.5% of the cost of the unprovoked and unwarranted War in Iraq, Democrats have made a college education more affordable for 5.5 million students per year:

Democrats Slash Student Loan Rates

As promised, the Democratically controlled Congress voted to cut the interest rate on selected student loans yesterday:

AP — The House legislation, passed 356-71, would slice rates on the subsidized loans from 6.8 percent to 3.4 percent in stages over five years at a cost to taxpayers of $6 billion. About 5.5 million students get the loans each year. … Democrats conceded Congress needs to do more to make college more affordable. But they said reducing student loan interest rates was a significant step toward tuition relief.

A lot of Republicans jumped on the bandwagon, but the Democrats are the ones to thank since this bill would not have made it to the floor under a GOP controlled congress. In fact, the “GOP controlled Congress voted in June of 2006 to raise the interest rate on one of the most popular student loans, called Stafford Loans, from 5.3 percent to 6.8 percent.”

4 thoughts on “Student Loan Rates Drop: Thank Democrats”

  1. What? You think that poor people need education now? I think that they should make the interest rate so high nobody who isn’t rich already can get an education. With this kind of program, we’ll never (or maybe more slowly) disolve into a third world country where 99.999% of the wealth is held by the top .001%. What kind of leadership is this?

  2. I do have to wonder how many college students understand the benefit of lower interest rates. They may not understand it when they’re starting college, but when they’re balancing students loans, car loans, and credit card debt it will start to make sense.

  3. Well I sure understand the benefit – the hubby applied for loans only to find out how obscene the interest rates actually were! He will be finished with school by the time the rate is back to a suitable number, but I’m sure my kids with appreciate it!

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