GOP Congress vs. College Students

It’s a fight President Barack Obama is happy to pick, as the Washington Post reports:

President Obama will travel to college campuses in North Carolina, Colorado and Iowa next week to urge Congress to keep interest rates low on student loans, the White House announced Friday…

According to a White House fact sheet issued Friday, student loan rates for 7.4 million Americans will double on July 1 without congressional intervention to extend current rates. Without action, the higher rates would translate into $1,000 in additional debt each year for the average student, the fact sheet said.

Obama’s push will include an appearance by Education Secretary Arne Duncan at Friday’s White House briefing with Press Secretary Jay Carney; it will also feature a social-media campaign on Facebook, Twitter and Google+ using the hashtag #DontDoubleMyRate.

It’s tough to know what the Republican-controlled House will do with this in an election year, smacking as it does of the kind of “top-down solution” that won’t “create jobs.” Of course, you could respond that a little more money in student borrowers’ pockets would be good for the economy kind of like a tax cut, but as we learned with the payroll tax cut extension debate, Republicans just don’t see much value in tax cuts for people who don’t make enough to buy a yacht with it “benefit the economy.”

We’re not trying to be snarky, you’ll recall that’s, absent the yacht part, what they actually said.

Anyway, if we were giving the President political advice, this would definitely be on the short list of blows to strike. We expect that President Obama will carry the 18-24 year old demographic comfortably enough, but planting the flag this close to their wallets should help him run up the score.

15 Community Comments, Facebook Comments

  1. ArapaGOPArapaGOP says:

    Yes, Pols, Obama gives generously of other people’s money.

    I think a Hugo Chavez analogy is very appropriate, since that’s what he did too. He bought off the poor like a commie Robin Hood, and Obama was taking notes…

  2. ncycat says:

    Republicans and their banking buddies are ruthless when it comes to extorting money from the American people–and high interest rates on student loans are extortion, pure and simple. If we received the subsidies and bailouts they so generously lavish on their wealthy friends, we too could enjoy a higher standard of living. The money supply in the US has not shrunk..it has been shifted into their bank accounts, leaving less for us to work with. If our public servants in government want to forestall massive defaults, they had better come up with other solutions than sophomoric insults and cavalier disregard for the consequences of their idiotic policies.

  3. DavidThi808DavidThi808 says:

    But what would be gigantic is to end educational inflation. And the federal government has that power – because they can limit all federal aid, grants, research funds, etc. to schools where the full cost of tuition is under a set number.

    At present every increase in available aid is matched by an increase in tuition. The result is it is growing at twice the rate of medical inflation.

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