Wednesday, May 2, 2012

Challenging Interest Rates

In Danis' post, Doubling the Interest, he makes a valid argument that could help solve student debt problems.

While I do believe lowering tuition costs would help the problem, if congress chooses to raise interest rates students would still be spending about the same amount of money on school (mostly in interest rates instead of tuition). 

That being said, President Obama has started on a trek to different universities across the country to rally congress to renew the low interest student loan program.  In the article posted on The Daily Athenaeum, the writer talks about how Obama himself just got out of student loan debt 8 years ago and how "nobody cares about student loan debt, except for the student."  This is exactly right.  Students are who needs to be responsible for rallying congress to extend the interest rate student loan program.

I do agree with your approach on the matter, however instead of Obama trying to rally students up to make change maybe he should put the works on lowering tuition in progress.  By doing so now, congress would be forced to make a quick decision that either way would not benefit them.