Republicans in the House of Representatives finally did something besides voting (for the 36th time) to overturn Obamacare. Today they voted to end federal subsidies of student loans. The current rate is 3.4 percent. If it becomes law (fat chance) this latest Republican move in support of “the free market” would cap some loans at … 10.5 percent.
Glad to see the Repubs are standing like rocks behind their principle: the “free market.” That would be banks, would it not? Banks of course are never known to manipulate lending costs … at least, not since the last time they got caught playing with the Libor rates. You don’t think House Republicans have placed those bankers’ interests ahead of the students, do you?
Senator Gillibrand, a co-sponsor of the Senate Democrats’ bill to set interest rates on student loans and to retain federal subsidies, said it best: federal subsidies are appropriate “because getting a college education is the gateway to the middle class.” Might we add that an educated work force is also a gateway to national economic prosperity in a globalized and highly competitive world?