07-03-2013, 08:51 PM
Quote:...The entire debate over the interest rate on student loans masks a much larger issue. The rapid increase in the cost of college has forced millions of students to take-on a lot of debt. In the last decade, the average debt load of those 25 has increased 91%, to just over $20,000. This debt level, combined with the tepid economy and weak job market, puts many of these students at risk of default.http://www.breitbart.com/Big-Government/...rates-jump
Keeping the rate artificially low simply encouraged students to take on more debt than they otherwise would have.
Obama did put forth a proposal a couple months ago, to tie the interest rate to US Treasuries and use the proceeds for deficit reduction. His proposal was very similar to one backed by the House Republicans. Senate Democrats, however, balked at Obama's and the House GOP's plan to use any of the proceeds for deficit reduction.
Oh, and in case you're wondering, today's big announcement from the White House is a new initiative to curtail elephant and rhino poaching. College students can feel good about that, at least.