Obama, Romney and College Loan Rates
Whether you think this is great news or bad news, President Barack Obama's proposal to extend low-interest student loan rates has been greeted with approval by presumptive Republican nominee Mitt Romney:
Obama is making a full-court press this week to extend low rates on government-subsidized student loans through next year, with stops at universities in North Carolina, Colorado and Iowa over the next several days. On Monday, Romney announced that he also supported the measure even though some Republican lawmakers have opposed it -- marking one of the first significant policies on which the two can agree...The debate over what to do about the nation’s $1 trillion in student loan debt speaks directly to all of those concerns. Many graduates have struggled to find jobs in the tight labor market -- and have fallen behind on their college loans in the process. Another study by Pew found that those debts have made it harder for many young people to buy a home and have affected their career choices. That has prompted rallies at college campuses across the country calling for an extension of low interest rates on federally subsidized Stafford loans.
This is going to be a long campaign, eh?
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Jan '12
Re: Obama, Romney and College Loan Rates
In England student loans are made by the government.
This an overview of the rules.
- Payments are only made when the loanee earns over £15,000 ($24,170) pa.
- Each year interest is added to the outstanding amount.
- After 25 years the outstanding amount is zeroed. Implying the repayment period is limited to 25 years post-graduation.
- There are other rules
Edited on April 25, 2012 at 8:21pmMar '12
Re: Obama, Romney and College Loan Rates
Obama is dressing up this issue as 'Don't let the Republicans double your rate,' but the higher rate kicks in as a sunset law on a break made by a Democrat Congress. I think Romney's stance on this is sound. Politically it's a no-brainer. It takes the wind out of Obama's sails on the issue (an issue he is stumping quite a bit lately), and it's only asking to continue a policy already in place.