student loan sl3
If Congress doesn't do something, federally subsidized Stafford and PLUS student loan interest levels will double the following month for about 7 million students. In 2007, Congress passed legislation that lowered rates of interest from 6.8 percent for this 3.4 percent but would revert to six.8 in 5 years. Last year, Congress tried to prevent the rate from reverting, but as usual, waiting on the last minute, they are able to not agree with just how to acheive it, so they extended these.4 rate for one more year. That extension expires this month and rates on need-based student education loans issued after July 1 will return to six.8 percent. There are a handful of important facts to keep in mind: Student debt is $1.1 trillion. This year students loan monthly interest can provide a $51 billion profit for that government. Neither bankruptcy nor death will discharge the debt. The escalating cost of a university education and rising interest levels has students taking on unmanageable debt that prevent many from attending school. The issue is not merely one of saddling young people with debt; it's a long-term economic problem as well. While a wholesome economy depends upon people who have sufficient income to produce purchases of products and services beyond life's necessities, student loan debt prevents the younger generation from purchasing a car, home, or perhaps getting married inside them for hours children, putting a drag on our recovering economy. So far, all indications are that when more you will see a very last minute partisan battle within the issue. Senator Elizabeth Warren proposes a rate linked on the Federal Reserve's low rate of interest for short-term borrowing, other Democrats propose maintaining the existing rate of 3.4 % to the next one or two years to provide Congress time to come on top of a long-term fix. Senator Tom Coburn proposes rates that make education loans more profitable by linking the rate to ten-year Treasury bills. Other Senate and House Republicans favor market-based solutions also. It's within the United States' economic interest for Congress to find a fair, low cost, long-term solution that fixes the difficulties of subsidized student loans. Without an educated America, our country won't succeed.
student loan sl3
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