July 31st, 2013
06:40 PM ET
10 years ago
Congress OKs cheaper student loans
Washington (CNNMoney) - The House on Wednesday approved a bipartisan that ensures lower interest rates on loans for students heading to college this fall.
Members of the House voted 392 to 31 to lower rates for undergraduates taking out government loans this school year to 3.86% - cheaper than the 6.8% interest rate that kicked in on July 1. The new rates would be retroactive and apply to loans taken out after July 1.
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The rethugs/tea trolls fought against until the end.
Not getting theyou got either.
That should read not getting the young toe either!
Sure, if you don't need the money in the first place it's cheaper to borrow it. That's fair, right?
While this is an improvement over the 6.8% it was about to go to, unfortunately once again the American solution is to correct a symptom instead of rooting out the disease!! The MAIN problem is the constant HYPE that everyone needs a degree to be successful. This has caused everyone to believe EVERY CHILD in America needs to go to college. Which has resulted in colleges feeling they can increase tuition each year at 2 to 3 times the rate of inflation. The truth of the matter is America needs to be telling more and more people there is no shame working with your hands and there should be hundreds if not thousands of apprenticeship programs going on, where instead of having to pay a college for classes individuals are paid by employers while they learn a trade. Believe it or not 25 – 30 years ago this was quite normal in America. This is still normal in many other countries because they know everyone is not right for college. Hopefully corporations will begin to wake up and realize they are as guilty as everyone else for the shortage of talent for highly skilled occupations. You see 25 years ago companies did not have a problem investing in people, now that same money goes to shareholders and the higher levels of management in the company. If you don't plant any seeds, there is no crop to harvest!!
Education should be affordable to all who want to better there lives and the society they live in .
Congress finally got off of their rear-ends and did something positive for the American people.