Rushville Republican

Columns

June 19, 2013

Stop the student loan interest rate hike

RUSHVILLE — The key to a great life is a good education. But paying for a college education is tough. Many families are taking out second mortgages. Some are putting-off deserved vacations. Others are telling their kids they just can’t afford to attend the school of their choice.

I know how hard paying for college can be. I received scholarships and Pell grants. I also took out loans and worked my way through school by collecting garbage, waiting tables and umpiring baseball games. It wasn’t easy. But it was worth it.  

What makes this country great is that my story is not exceptional. This summer, more than nine million undergraduates will take out a federal student loan. That’s nine million Americans at the start of their journey who will be borrowing on average $24,000 over four years to make a down payment on their American Dream.

Unfortunately, in just three weeks, interest rates on federal student loans are set to double, from 3.4 percent to 6.8 percent.  This rate hike will force students to pay hundreds of dollars more over the life of their loans. No one wants this to happen.

The House has acted to stop the rate hike. Our proposal will reduce rates immediately for most borrowers and get Washington politicians out of the business of arbitrarily setting interest rates. Our plan protects students by putting a cap on the maximum interest rate while giving them the lowest market rates available. There have been times in recent years when you could get a used car loan cheaper than a student loan. That’s not right.

Taking the politics out of student loans is a common-sense fix. It’s a plan that mirrors a proposal in President Obama’s budget. Unfortunately, rather than seek consensus, the President called a campaign-style press conference in the Rose Garden to denounce a plan that he himself proposed just weeks ago. The Senate has failed to act.

The pending student loan interest rate hike is a pressing problem that needs to be solved now. But, it is one of many economic challenges that we face. The effective unemployment rate among young people in America today is 16 percent. That is way too high.

Our young people deserve better. They deserve a government that lives within its means and stops spending money that we don’t have. They deserve their chance to get a good paying job and live the American dream. And, they deserve leaders who will work together for this future. A good start would be to stop the student loan interest rate hike.

 

1
Text Only
Columns
  • Spying ways to have vacation fun I have a neighbor named John Campbell, and I am suddenly EXTREMELY suspicious of him.It all started with our summer vacation to Maryland. We made several excursions into Washington, D.C. from our “base camp” in Annapolis. In fact, of the five days we

    July 29, 2014

  • I expect them to do nothing Which crisis is at the top of the list this week? Is it the IRS scandal, the VA scandal, the fighting in Gaza, the emergence of ISIS as a deadly power in the Middle East, the intentional shooting down of Malaysia Airlines Flight 17 which killed nearl

    July 29, 2014

  • Word of advice So, what’s the word? Really, what is the word? With over 250,000 words in the English language, you’d think there would be a word for just about everything. Not so. Therefore, I am on a crusade to find a term for some everyday occurrences for which t

    July 29, 2014

  • There's something about Maryland My family unit has just returned from a death march – oops, make that, “vacation” – in Annapolis, Maryland. In spite of constant 96-degree temps (though it dropped as low as 95.7 at night), and the stifling humidity, we had lots of dolgurn fun. Mainl

    July 22, 2014

  • Learning to say goodbye From as far back as I can remember, saying hello has been a part of nearly each day.During my youth, it was used when I met new people my parents introduced me to and was frequently followed by a handshake. I couldn’t count the number of times I used

    July 18, 2014

  • Lessons from the largely forgotten war As we approach the official date on which the First World War started, July 28, 1914, when the first shots were fired by the Austro-Hungarians who invaded Serbia, it’s appropriate to think about the lessons that catastrophic event has taught us one h

    July 15, 2014

  • Please go away My wife is planning our summer vacation, which we will take in the fall. We took our spring vacation this summer. We got behind in 1984 and still haven’t caught up. I don’t have much input into the planning of these trips, but Mary Ellen did assign m

    July 15, 2014

  • Soothing '60's Surf Sounds I’m sitting in my home office enjoying a serenade of rhythmic pulsations emanating from the outside wall. It’s coming from our water spigot. No. 5 son (age 13) and his buddies are using it to fill water balloons. 1,500 water balloons to be exact. 1,5

    July 15, 2014

  • Soccer-stopping Storm a Lousy Treat What a great way to spend a Saturday morning in July: I’m sitting in my car with rain cascading on the roof, lightning skittering all over the sky, and thunder sockin’ it to the atmosphere with such force that I feel a rumbling in my bum.I’m staring

    July 8, 2014

  • Only in America - Top 10 As we move into the glorious months of summer, I thought you might be amused by reading the Top Ten List of what Canadians supposedly think of how things are going in this country. It’s a lot like David Letterman’s “top ten list.”Number 10: Only in A

    July 8, 2014

Featured Ads
AP Video
Two Women Narrowly Avoid Being Hit by Train In Virginia, the Rise of a New Space Coast New Sanctions on Key Sectors of Russian Economy Crayola Announces Family Attraction in Orlando US Ready to Slap New Sanctions on Russia Kerry: Not Worried About Israeli Criticism Boater Rescued From Edge of Kentucky Dam Girl Struck by Plane on Florida Beach Dies Rodents Rampant in Gardens Around Louvre House to Vote on Slimmed-down Bill for Border Looming Demand Could Undercut Flight Safety Raw: 2 Shells Hit Fuel Tank at Gaza Power Plant Raw: Massive Explosions From Airstrikes in Gaza Giant Ketchup Bottle Water Tower Up for Sale Easier Nuclear Construction Promises Fall Short Kerry: Humanitarian Cease-fire Efforts Continue Raw: Corruption Trial Begins for Former Va Gov. The Carbon Trap: US Exports Global Warming Traditional African Dishes Teach Healthy Eating
Hyperlocal Search
Premier Guide
Find a business

Walking Fingers
Maps, Menus, Store hours, Coupons, and more...
Premier Guide
Parade
Magazine

Click HERE to read all your Parade favorites including Hollywood Wire, Celebrity interviews and photo galleries, Food recipes and cooking tips, Games and lots more.