By Winnie Eke
The recent vote in Congress against refinancing students’ loan interest rate to a manageable and comparable rate with banks’ borrowing solidifies where Members of Congress stand. This action deprived many young people of the chance to achieve the “American Dream.”
It is apparent that Congress aligns itself with those in the student lending business who for many years have benefited from students and their parent.
We are continually inundated with statistics on income disparity among the college educated and non-college educated, yet students and their families are made to bear the high burden of loans.
As Bhafia noted in a USA Today article, the amount owed by students is greater than than all consumer and house hold loans except mortgages.
“A whopping 40 million Americans owe an even more whopping $1.2 trillion in student-loan debt. The amount surpasses every other type of household debt except mortgage debt.”
Private lenders are making money. Now, add the Federal government among those making money off students.
As graduating and graduated students go back home to live with parents, they miss out on the chance to build the American dream. How can can we let this happen to our children and those who hope to contribute to the society?
What do you think?