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if you have eight student loan from the federal government your interest rate
could go up soon and it could double
uh... basically back in two thousand six when democrats got voted into congress
and they held the majority in congress
uh... they basically promised that they would make higher education more
affordable and one of the ways that they did that is by slashing uh... the
interest rates on federal student loans in how
so uh... at first there about six point eight percent a democratic congress came
in and he slash two to three point four percent
so right now federal student loans have an interest rate of three point four
percent
however that legislation is uh... or or that uh... law is about to expire
softwares republicans are fighting right now because they're saying all well we
can not afford to slash the student loan interest rates we gotta make sure that
it was backed it six point eight percent
but it's a complete and utter life because right now the government is
making money off to students write because they cut the middleman ap
they're not subsidizing banks to get out student loans right it day in the middle
man is out of the picture
that federal government gives the students the loans at a low interest
rate
and when the students play that love bacteria and
the government makes money off that interest rate
uh... and it basically the republicans are trying alike
do a little twists basically lati people in thinking you're losing money you're
not losing money at all and uh... then the republicans will come back and say
well basically this higher interest rate
peace for all the students who default on their loans but that's not the case
either because
as you guys all now you cannot get rid of student loans even if you file for
bankruptcy
no matter what they will garnish your wages they will find a way to make you
pay back that student loan so no one is losing money
all republicans want to do is raise more revenue by taxing the most vulnerable
people both the people who need the money the mouse
it's really interesting to see how ready they are
to raise the interest rates on the stand c_n_n_ basically announced to us late
tax increase on you for the next ten or twenty years waving is off right
anything is a when you see the numbers three point four percent six point eight
percent of fake ekkuva percentage points was another westernized thousands of
dollars over the course
of those ten years or twenty years as i'll prolly end up paying off on
round i'll give you exact numbers in fact uh...
if u are paying off year federal student loan in ten years this will add an
additional five thousand dollars to your load if you do a twenty-year plan it'll
cost an additional eleven thousand dollars so that's that some lot of money
uh... and
it's it's just amazing to me because look we keep seeing like this
was the called
class warfare they have been the best western going when we see this class
warfare and it's so evident when you read stories like this any reports
stories like this
because the republicans are fighting hard to make sure
that this expires at this life spires
and it makes me depressed because there's so many students are gonna be
affected by this recent and find a job right now in this economy
i think it's really interesting because
and i'm gonna attack both conservatives and liberals here when we need to talk
about what can be done to fix the budget
uh... we make certain assumptions about which groups need to be protected which
don't
leg as liberals we usually our first thing will say is to some sort of tax on
the verge to some extent in samaria
and the reason for that is that we acting justifiably think bill be okay if
we raise their taxes if you percentage points i can affect them dirty making
millions and billions of dollars
but they see on the other side of who they go to
when they want to raise a lot of money
ask students
who cares without worry about them
do you think that they need you honestly think they don't know that you can't the
fault of these loans today not know the federal government is already bailing
out of profit they know that
so that's not the reason the reason is they don't really care they don't really
care about you there was one point in uh... an alternate peace addresses this
topic than i thought was interesting that pointing out that
although these student loans already generate a profit for that i've been at
the federal government
the idea that we need to make even more money is just against the basic
philosophy that these loans were started under right we did not get in the
business of funding people's education because he wanted to make a few dollars
we got into it because we believe that higher education
is a social good
it's not just train workers is because we want less certain type of citizen
episode there better and always but we want people who are more educated we
want people who think more about civic matters and feel more engaged
with the country
and we think that by subsidizing of small amount of money and actually
making a profit off of it will generate more people like that that's not where
the republicans are coming from on this and at honestly if they have their way
but it wouldn't be involved in this sort of
social action