Starts three-state college tour on taxpayer dime
Since President Obama basically won the 2008 election thanks to the mania created by college campuses, he is now trying to regain lost ground in that demographic by touting lower college-loan interest rates. And by lower, the administration means just extending the current rate.
Unfortunately for the President, the Republicans kind of agree. So this really won’t become a hot button issue with young people rushing to the side of Big Government.
But let’s be honest here: lowering interest rates is like throwing someone a McDonald’s cheeseburger because you ran out of Filet Mignon.
“Sorry, we don’t have any jobs for you. We don’t know when we will have jobs either. Probably never since we will just add more regulations every single day. So here, just take this lower interest rate and keep paying this loan until the day you die. Hope it helps!”
It doesn’t matter what the rates are. If jobs never become available, kids will keep going back to school for more degrees, and then they will never get out of debt.
The lousy economy has sent 35 percent of young college graduates back to school, adding to the massive, unpaid student-loan debt, which stands above $1 trillion. That’s more than Americans owe on credit cards. The average loan is $25,000, which is 25 percent higher than just 10 years ago—Washington Times
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