If you want to know what is wrong with the cost of education in America, look to some of the politicians you elected. We've been sold that cheap student loans are the answer to making education affordable. Nothing can be further from the truth.
The interest rate on federal Stafford Loans is a phony political issue. The 6.8 percent interest rate was slashed - at taxpayer expense - to 3.4 percent last year. Now Obama and Democrats in Congress are acting as if the rate returning to its usual level is an economic catastrophe for students. It isn't.
Is President Obama right about a looming student loan debt crisis? It depends on how you define “crisis.” But there is a problem, and it is real.
For many members of the Millennial Generation, now is the time when they begin to ponder major life choices, including their first home purchase. However, the heavy increase of student debt this generation carries may prevent many from buying a home, even at low prices.
Young Americans face tough times: Record-breaking youth unemployment—including for those with college degrees—and high levels of debt from student loans have left millions unable to live independently. They are living in Mom and Dad’s basement, putting off marriage and family, and are down-scaling their aspirations when they should be dreaming big.
Does it make sense for the government to take taxes from the big majority of Americans who never managed to win college degrees in order to subsidize the pricey education of the fortunate few who get to attend top universities?
As Americans search for answers, it is increasingly clear that they cannot look toward Washington for leadership. Those who inhabit Washington can tinker with our economy for the next decade and it will do little to help you make ends meet, sell your home, find a better job or fill up your tank. In fact, it will probably make things worse.
This week, President Barack Obama has been warning students that without his intervention, interest rates for a federal student loan program will double to 6.8 percent July 1.
Sarah Palin was the first to recognize the problem: By participating in President Obama's signature education initiative, the Common Core Standards, Alaska would lose control over its own curriculum.
Obama has to get Jimmy Fallon to help him push his message with the young since they still have no jobs.
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