The GOP-controlled Congress, led by President Trump, has already targeted student loans, loosening protections for students as well as discussing moving loan servicing from Department of Education to Treasury. Their new plans are far worse.
They want to eliminate the ability to defer or lower monthly payments due to inability to pay or hardship as well as eliminate protections against predatory for-profit colleges. These are the same colleges that have taken advantage of veterans after serving our country. Some of these ‘universities’ have defrauded students, taking their money and not providing an adequate education that can be used to land a good job. Universities like Trump U.
Student loan debt currently is over $1.3 trillion. When the government messes with that much money, those changes should not harm Americans trying to better their families, lives, and livelihoods. None of us should tolerate that.
Currently, our government charges students more interest on loans than they do banks. That doesn’t sound right or fair to me either. The government also doesn’t allow these student loans to be refinanced at lower rates.
When I was growing up, I saved a lot of money and actually made money from interest. I was punished for doing so by having zero access to financial aid. Families and individuals can’t save money and make reasonable levels of interest any longer. When interest for savings is less than interest accruing on student loans, there’s something drastically wrong with the equation.
We have to do better. We deserve better than this.
The representation we’re receiving is debilitating.
Our congressional reps should be working for us, not against us.
Let’s fix student loans, not destroy them.
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