Both sides of the political aisle have now made the interest rate on student loans a battlefield, claiming they are fighting the good fight to protect our young people’s best interest and make it possible to get advanced educations and secure the jobs of the future. Sure, and rearranging the deck chairs would have prevented the Titanic from sinking, too.
Do they really think that a student with a debt of $106,000 is going to be dramatically affected by the difference between a 3.4% interest rate and a 6.8% rate on that debt? The problem, you posturing jackasses, is not the interest rate; it’s that a college education costs $106,000 in the first place.
There are several factors contributing to that cost, some of which are unavoidable as a result of the economy, and some of which are sheer greed on the part of several players, but it is the cost of advanced education which should be addressed, and the lack of opportunity to earn a viable living without an advanced education. What both sides are doing right now is equivalent to steaming at full speed through an ice field with the radar turned off, arguing about the schedule for the evening dinner dance.