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Franken, Senate Democrat Inaction Will Double Student Loan Interest Rates July 1st

Senator Al Franken appears to be doing nothing while student loan interest rates are about to double in two weeks. In 2007, the Democrat-controlled Congress passed a bill to temporarily lower student loan rates but that artificial rate will expire on July 1, 2013 if Congress fails to act. Failure to act means student loan rates will double from 3.4% to 6.8%.

Last month the U.S. House passed Congressman John Kline’s bill that would get Washington D.C. politicians out of the business of setting loan rates while still protecting students against higher rates. The federal government should not control student loans and certainly should not be setting interest rates. President Obama proposed a similar market-based approach to interest rates. Congressman Kline has honored his promise to produce a market-based, bipartisan solution in the House of Representatives; now we…

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