Student Loans and interest rates, can we agree ?
We in this Nation are having a challenge and there are two sides to this argument.
Last evening at a Republican Dinner a state rep. and I were discussing the fact that the average age of the crane operator or lathe worker or welder or even farmer is well over 45 years old. Yet we have more young people who have mortgaged their future with debt for an education. They have borrowed money from the government to study everything from the effect of speech on monkeys, to the mating habits of Homosexuals,or African culture studies . Yet when they graduate they can not find a POSITION . yes everyone of them wants a position not just a job.
The interest rate is anywhere from 6% to 6.5 % , without work it does not get paid, and the only debt that can not be discharged is this debt. The Education system with all of their high paid professors and fancy facilities and campus facilities made out like fat rats . Both the Senate and the House have put forward a bill for setting rates.neither can agree partisan politics at work.
Here is my solution , first identify those areas in the economy where the demand will set the types of employees for example we will need 1000 more scientists , or 300,000 Dr's you get the point well those who qualify will get student loans at 1.2% or 1.5 % above the 10 year treasury bill rate. The others who do not fall within the needs of the Nation will get to borrow from private institutions and those institutions set the rate as they see fit.
As for the young people who want to go to trade schools and we need them,they will get 0.5% above the 10 year note interest loans . NOT EVERYONE NEEDS A COLLAGE EDUCATION... this is the myth we have all be programmed into believing. If the school system would only teach the needed skills of life math reading and arithmetic along with our world and American history ,and stay out of the business of indoctrinating for social behavior. Teach our children how to think not what to think.
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