Last Spring the U.S. Senate defeated The Bank on Students Emergency Loan Refinancing Act by a vote of 58-38. The act, proposed by Senator Elizabeth Warren (D-MA) would lower the interest rate on existing student loans from 7% to 3.86%. The act would be financed by levying a mandatory income tax of 30% on everyone who earns between $1 Million and $2 Million dollars per year. Proponents argue that current student loan interest rates are nearly double normal interest rates and should be lowered to provide relief for millions of low-income borrowers. Opponents argue that the borrowers agreed to pay the interest rates when they took out the loans and taxing the rich would hurt the economy.
The problem is that the cost of colleges has increased so dramatically compared to average income. Regulations should be put in place to bring these closer together. I also think that providing money for early childhood education, arts programs in schools, and after school programs would better benefit society than putting that money towards paying for people to go to college.
US schools are run badly. By 10th grade you SHOULD be done with lower education. Grades 11-12 should be the first 2 years of college or trade school.
After that you can continue with college for full degree or jump into the work force in the trade you trained for.
This is a problem that needs to be shared by Lenders of Student Loans and the Colleges that took the money. Everybody wants to blame the kids who do what they are told, and not the con men running this shell game. Make the Colleges and Lenders responsible. Why should the public tax fund pay off a slush fund created by unscrupulous practices of lenders and Universities??
Yes, but only after higher education institutions are reformed, constituted and staffed in a politically balanced and neutral way, so that the curriculum and tuition are delivered for the purpose of education, cultural enrichment and preparing students for the future - rather than for the purpose of propagandising and indoctrination.
Regulations should be put in place to bring these closer together. I also think that providing money for early childhood education, arts programs in schools, and after school programs would better benefit society than putting that money towards paying for people to go to college.
Rich people gain money from selling product or working with international groups. They did not take the money from poor people, and I think that the rich people are the one helping create the opportunity for the country.
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