It is becoming way too common to hear news that Congress has failed to act for the benefit of the citizens. And yet again, this time members of Congress have decided to let extremely important legislation and policy lapse, likely causing great harm to a large percentage of the population -- anyone with student loan debt.
That's right, Congress failed to pass legislation regarding the increase in the interest rates on federally funded student loans, and by all accounts the interest rate will increase from 3.4 percent to 6.8 percent, according to the Congressional Budget Office. When will Washington return to its roots and help out everyday Americans?
There is something shocking to be said about the fact that President Barack Obama and first lady Michelle Obama finished repaying their student loans in 2004, just a few years before arriving at the White House. Besides the fact that they went to Ivy League universities and by all accounts have lived a much better post-graduation than most, they are not that much different from the hundreds of millions of Americans who could not afford to get a higher education without borrowing money.
Why hasn't Congress acted to stop the interest rates from rising? Because partisan politics has become far too commonplace and the best interests of Americans have taken a back seat. We have seen this in the political posturing during the fiscal cliff deadline and beyond. The financial future of the U.S. government and the well-being of its citizens hangs in the balance, and Congress would rather just play a game of kick-the-can with all of our futures.
We need reform and not the type that puts a bandage on a leaking pipe: We need tough reform. We need Congress to take a look at the crippling effects of high interest rates on student loans. One talking head on the weekend news exclaimed that the government takes a huge risk funding loans. Ah, yes, it does, the government extends just under $100 billion a year in student loans. But to those who do not see the benefits, let me help:
? Student loans encourage higher education and create more productive members of society from a large percentage of the population that could not afford to get an education in the past.
? Student loans currently cannot be discharged in bankruptcy, so the risk of not getting the money back for the government is minimal.
? The government charges more interest already on the repayment than on the money students are borrowing to make loans, i.e. the government profits in the long run anyway on a given loan.
So what is the solution? We need to allow fluctuation in interest rates on student loans that are manageable and not crippling to a borrower. For example, I have master's and law degrees, funded with student loans. With the interest rate increase, I'll be lucky to be debt free if I ever make it to the White House.
Also, Congress needs to look at the rising cost of higher education in this country and find worthwhile reforms to encourage more participation in higher education with lower costs.
Finally, Congress needs to stop kicking the can down the road on every single issue related to budgetary problems in this country. The time is now to focus on reforms across the board: student loans, Medicare/Medicaid, Social Security and our reckless nose dive into insurmountable debt.
I'm not asking for my loan debt to be forgiven; I'm just asking Congress members to take a reasonable and effective approach to this problem. Focus on the even greater weight they are placing on hundreds of millions of Americans who decided to get a college education. Get back to work and fix the student loan crisis, otherwise this bubble will burst just like all of those in the past they thought they could turn their backs on.
Nicholas Primrose is a recent law school graduate currently studying for the Florida bar exam. He is a resident of Orlando and has a bachelor's degree in political science and communications, a master's degree in public administration and a law degree. Primrose grew up in Cleveland and attended Mayfield High School.
Source: http://www.cleveland.com/opinion/index.ssf/2013/07/congress_fails_to_act_yet_agai.html
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