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In an effort to respond to this proposal, the Obama administration recently took several executive actions that will lower repayment burdens for some borrowers; for those enrolled in the income-based repayment plan, the changes could reduce monthly payments by a third. Surprisingly, though, neither the protest movement nor the administration is talking about the imminent doubling of student loan interest rates. Congress temporarily reduced interest rates to 3.4 percent for subsidized loans originating in 2011-12, but beginning next summer the rate for new loans will rise to 6.8 percent.
I asked Mark Kantrowitz, publisher of Fastweb.com and FinAid.org, why there hadn’t been more pressure to extend the interest rate reduction, especially given that the government turns a net profit on its student loan programs. He noted that these profits help pay for Pell grants and other student aid programs and said that many student aid advocates feared that any extension of loan interest reductions would necessitate larger cuts elsewhere. Given a choice between allowing interest rates to rise or cutting Pell grants, he said in an e-mail, “cutting the interest benefit is the lesser of two evils.”
Originally posted by braindeadconservatives
So do any of you guys support increase raising student loan rates 100%???
Obama skipped out on voting for the student bill that is just so damned important now?
I thought students were important to him?
I thought he "Cares" !
Oh just when it's an election year.
Originally posted by oghamxx
Excuse me but is your agenda showing? 'skipped the vote' comes up a bit short. Was he in town that day and decided he would rather play some basketball or golf? How many other senators 'skipped the vote'?
Excuse me but is your agenda showing?
'skipped the vote'
Obama twice skipped the Senate vote on the College Cost Reduction and Access Act when the bill came to the Senate floor first in July and again in September of 2007, according to public records
The bill, introduced by Rep. George Miller (D-Calif.) and signed into law by President George W. Bush, first cleared the Senate in July on a 78 to 18 vote, with Obama as one of only four senators who didn't cast a ballot. Obama did not cast a vote again in September, after the House and Senate had ironed out different versions of the bill. He was on the conference committee assigned to merge the House and Senate versions of the bill.
When the Bush White House was pushing the Student Loan Interest Bill back in 2007 then Senator Obama could not find the time to stand up for students. Not once, but twice. Now that he is running for re-election (and the youth vote that supported him so overwhelmingly in 2008 has abandoned him)
Utter hypocrisy. But then again Barack Obama will do whatever he can to get re-elected in 2012.
Obama is more interested in re-election posturing than students. Today he blames congress for the bill that will expire on July, 1, 2012 sending student loan rates higher but he skipped two votes that would have lowered the rates and during stump speeches he’s even singled out republicans to correct it. The bill was written by the democrats with the looming expiration date!!!
Obama was embroiled in a tough primary campaign in 2007 and was on the road for big chunks of time. His missed vote rate in the Senate soared to over 80 percent towards the end of the campaign.
“President Obama was directly involved in crafting this legislation to provide American families a fair shot at an affordable college education when it first passed in 2007, and now he’s calling on Congress to prevent interest rates from doubling on July 1 for more than 7.4 million students who will rack up, on average, an additional $1,000 unless Congress acts,” White House spokesman Matt Lehrich said.
He issued a statement when the bill was signed by President Bush, saying, "by investing in education we are restoring America's competitiveness in the world, and today is an important step forward."
The White House also pointed out his vote was not needed for passage.