Democrats want to keep Student Loan Interest Rates low so more Students can get Worthless Degrees

Posted by PITHOCRATES - May 19th, 2013

Week in Review

A lot of people hate corporations.  Where business people get rich by exploiting the people.  But at least they make something that people willingly buy.  Because it makes them happy.  Like a smartphone.  No.  Corporations are NOT exploiting people to get rich.  But you know who are?  Our universities (see Republicans advance bill to tie student loan rates to markets by Elvina Nawaguna posted 5/16/2013 on Reuters).

Republicans in control of the House Education and the Workforce Committee voted on Thursday to advance legislation tying student loan interest rates to the financial markets, a plan they said would give borrowers a better sense of how much they must repay.

Currently, interest rates on subsidized Stafford loans are set by the government. The rates are due to double on July 1 to 6.8 percent from 3.4 percent, and while lawmakers across the aisle agree that an increase should be averted, they disagree on how to prevent it.

Republicans on the committee rejected amendments by Democrats to maintain the current rates for another two years…

Lawmakers have recently expressed growing concerns about American students’ loan debt, which according to the U.S. Consumer Financial Protection Bureau now exceeds $1 trillion. The average student borrower owes about $27,000, and delinquency rates are increasing as new graduates struggle to find jobs…

They’re struggling to get a job because our universities are selling these kids worthless degrees.  “Come to college,” they tell our kids.  “Borrow money.  Don’t worry about that student loan debt.  For you will be able to easily pay it back, buy a house and a new car with your degree in gender studies.”  Or insert any other liberal arts degree that has no market value in a high-tech economy.  An economy so high-tech that these college kids can’t live without their smartphones keeping them connected to Facebook and Twitter.  But these same kids don’t want to learn how to make the next smartphone.  Or write the next ap to run on it.  Because that’s just too hard.  And that’s not what college is about.  College is for having a good time.  Which they can do more often if they’re not burdened down with some complicated math or science degree.

With such high unemployment numbers we shouldn’t be subsidizing anyone to go to college unless they are going to get a degree that has market value in our high-tech economy.  Because a trillion dollars in student loan debt is enough.  Especially when these kids can’t get a job with the worthless degree these universities conned them into buying.  Just to bring more money into the university.  To provide generous pay and benefit packages for their administrators and professors.  While they badmouth the U.S. to their students.  To get them to vote Democrat in the next election.  So they can keep the cheap money spigot open to lure more unsuspecting kids into going deep into debt buying more worthless degrees.

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