Student Loan Follies

on June 18 | in z300 | by | with Comments Off on Student Loan Follies

There are a lot of “follies” going on in government right now.  Maybe I’ve been beat up fighting these waste issues, I’ve lost my sense of humor on the issue.

I got an email from Move On Civic Action yesterday.  Actually, a friend forwarded it to me with the note, “I can’t do this, but maybe you can find someone.”  The “this” is get someone to organize a protest about the possibility of the doubling of student loans on July 1.

The House has passed a version of an extension that mirrors the president’s budget, but as of yesterday, members of the Georgia delegation who responded said they don’t know if the President Obama will sign it if it gets to his desk.

We found out why the president is reluctant to sign when The Daily Caller uncovered since the changes in the student loan program in 2009, when Democrats were in control, the Feds are on track to make $50 billion this year on student loan interest.  This from the administration that is pro young people? Additionally, in Obamacare, some of the revenue to fund the act comes from student loans.

I have a son going to Med School this year.  He’s a 27 year-old non traditional student. He’s been independent of us financially for 6 years.  We are very proud of him.  He’s completed a Master’s degree in Cell Biology with no student loans but he’ll need some sort of financing for Med School.  He’s got it under control, but when he filled out the FAFSA form for financial aid, the government wanted to know what his parents made and based on that he probably won’t qualify for the types of loans you can payoff beginning after you graduate.

So, I have a vested interest in the Feds fixing this.  Should we really be using student loan interest as a way to pay for the over-spending on the federal side?  I don’t think so.

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