Call It A Loan
ignorant and willfully so, CommieTommie Harkin says he will vote for new student loan interest plan.
Over a year ago we heard Harkin say, "This is another kind of tsunami about to happen”.
Just last month CommieTommie cried about a bipartisan bill, "In the beginning, there will be lower interest rates, but later on, every loan program will charge higher interest rates than we have seen in the past -- higher than the 6.8 percent. This is the classic bait and switch. One or two years of lower rates, then they sock it to you."
The rate increase 3.4 percent to 6.8 percent amounts to $6 per month on new loans, but the cost to taxpayers is $6 billion to provide this subsidy.
Under the bill, that Harkin now supports, all undergraduates this fall would borrow at 3.85% interest rates. Graduate students would have access to loans at 5.4%, and parents would be able to borrow at 6.4%.
If the economy improves as congressional economists predict, rates would climb in coming years.
The bill would limit how high those rates could go, although all were higher than current fixed levels.
In a related development, Staci Appel-sauce for brains sent out an e-mail a day after the agreement in the Senate was reached.
The CONgressional wannabe said --
As the mother of six awesome kids, I can tell you that just like most Iowa families we worry about their futures and education is a top priority for us.
That is why I know how much damage Washington caused when they refused to use a little bit of Iowa common sense to find a solution to prevent the interest rates on student loans from doubling.
But here is the thing- the rates don't have to stay as high as they are. If Washington works together, they can bring the rates back down. That is why I started an online petition demanding that Congress work together and find some solutions that will bring the rates back down.
A little late Stace, as timing is everything and the scientific community is united in that fact.
I can appreciate how you would be worried trying to make ends meet on your husbands $163,200.00 a year taxpayer funded salary, in your home with a total assessed value of $472,100 that you were trying to sell for $1.5 million.
But hey, if your six kids are that awesome, I'm sure there will be full ride college scholarships in their future.