Student loans to double : plus, untold story

[Wolfstrike]

Student Loan Rates to Double Monday - ABC News


student loans will double tomorrow which i believe will be by 6.8 percent.

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untold story.
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i don't know what started it, maybe there was a slight increase ...but is far as a could tell student loans and the corrupt government were functioning normally.

George W Bush was in office, and the Democrats and the media decided to pick a fight about student loans saying that if you are related in some way, you need to support the Democrats to get relief.

when Nancy Pelosi became the majority leader , one of the first things they did was lower student loan rates.
well... the real story was....
Year 1) lowered by 1/4 percent
Year 2) lowered by 1/4 percent
Year 3) lowered by 1/4 percent
Year 4) lowered by 1/4 percent
Year 5) lowered by 2 percent

for a total of 3 percent over 5 years.
the catch was, the Democrats knew the plan would be changed before it hit year 5.

i guess it didn't happen.
i assume people got their 3 percent decrease for a short time.

now they haven't struck a new deal so rates are going to double.
(i'm i'm sure companies will get their interest money back in the process)

negotiations are supposed to start sometime after July. we'll see.

when this started the media said "damn that George W Bush and student loan rates!"
now that Obama is in office and rates double , the media says "lawmakers failed to reach an agreement"

 

[waltky]

Bi-partisan student loan deal fails...

The Senate and House Flunk Student Loans--Again
July 12, 2013 — Another student loan deal that emerged from a bi-partisan group of senators led by Richard Durbin (D-Ill.), Senate majority whip, crashed Thursday night when an agreement could not be reached on how to re-jigger interest rates for federal student loans.

The junked deal would have linked student loan rates to those in the market—essentially a rehash of earlier proposals that tied future rates to the 10-year Treasury bill. This latest version would have placed a cap of 8.25% for undergraduates--higher than if the current rates were doubled--and 9.25% for graduate students and PLUS loans, a concession to the spiking interest rate environment and a ploy to entice Republican senators. Sources say the Obama administration was behind a renewed effort to get something done, but Democratic senators who had been working on the student loan issue long term were never sold. Both sides were waiting for new estimates from the Congressional Budget Office on the new plan's numbers when talks collapsed.

This latest foray came on the heels of Wednesday's failed Democratic attempt to end a Senate filibuster that prevented the Keep Student Loans Affordable Act from coming to the floor—a bill that would have frozen unsubsidized Stafford loan interest rates at 3.4% for another year, retroactive to July 1. A House bill, the Keeping Student Loans Affordable Act of 2013, introduced by Rep. George Miller (D-Calif.) and a companion to the Senate bill, also has rate caps on its agenda, locking them at 3.4% for one year. Because of a procedural over-sight by Rep. John Kline (R-Min.), chair of the House Committee on Education and the Work Force, Democrats were able to draw up a petition that would force a vote—if they could get find some Republican supporters. "All Democrats on the committee have signed the petition," said Miller's spokesperson Tiffany Edwards. "We need three committee Republicans to sign."

When asked about a deadline or any legislative time frame within which this had to happen, Edwards didn't comment. It was not clear whether the Durbin-led deal that blew up would invigorate either of the Senate or House efforts, bury them or lead to something new. "With families making financial decisions now for this coming fall semester, time is short to break the gridlock with a solution that reverses the rate hike without harming students and their families," Miller said in a statement yesterday.

That gridlock is beginning to look more permanent than many people would have thought a few weeks ago. Something has to give, or the rate spike will outlive the current session of congress. "We can't speak to what might happen, but if there is a confirmed new proposal we will analyze it and be happy to share our take," said Shannon Gallegos, spokesperson for The Institute for College Access and Success (TICAS), based in Oakland, California. The Congress summer recess is set for August 5. When they return on September 6, Stafford loans with rates that will have doubled will already be in the pipeline.

The Senate and House Flunk Student Loans--Again - MainStreet

 

[bendog]

yeah, sure is good to see the congress being frugal so our kids don't have such high debt levels. I've contacted my legislators and hope you all do as well. bastards.

 

[Leweman]

College tuition casts continue to rise too so this just hurts even more if you need loans.