Burden Of Higher Interests On Student Loans: Futile (or Feudal)

Recently the Senate sent back to the House a new bill enabling a HIGHER INTEREST RATE for student loans. The new guaranteed rate of 3.4%, was still lower than the 6.8% rate the local representative Brad Sherman enabled...aided..supported.

Future prosperity is tied to making sound investments with present ascertainable funds. Student loans have long been seen as a means for this Country to have a more beneficial future by investing in the college students of our great Nation.

Making a college education more accessible to many and not just a privileged few has been the motivating factor by many to pursue this strategy of investment for the future. Education exists as the great equalizer in our society, the means that the motivated can carve out a better life for themselves.  But for those not born into privileged families, where resources were able to be set aside through the design and tax benefits of trust funds or invested capital, the government has enacted a means for the less privileged to finance an opportunity for higher education. Thus enabling or creating a society of mobility among the classes, and a democracy where resources are available to many and not just a privileged few.  

 
Therefore, student loans with a reasonable interest are necessary to achieve these goals. By providing student loans at a reasonable interest rate the doors of our colleges swing open to those deserving hard-working students of our society, who were born into equally hardworking  and over-taxed families whose only desire exists to carve out a better future for themselves and their children.

The government created a student-loan system that NOW takes advantage of the dreams and desires of properly motivated young adults with less privileges.   Have we transformed a program of opportunity into a program of profiteering and long term debt?  These students have no other means to finance their future-through-education except by utilizing the well-publicized government-backed student loans.  The well intentions of caring individuals NEVER IMAGINED the government-backed student loans to be an opportunity for profit, especially by those who are otherwise privileged with access to aforementioned tax-diverted trust funds and/or invested capital. 

Brad Sherman, of California’s 30th Congressional District, has made recent remarks and actions substantially confirming he sees student loans as an opportunity to profit, to benefit, from the needs of the less privileged in our society.  Sherman, while speaking at his   recent town hall meeting, proudly stated the Federal Government makes a lot of money through the student loan program.

Strangely though, Brad voted against the passage of recent bills to maintain the student loan interest rate at 3.4%.  His district encompasses a Community College and a 4-year State College in additional to numerous vocational institutions.

Recently the Senate sent back to the House a new bill concerning the student loan interest rate. Albeit, a higher interest rate than the guaranteed rate of 3.4%, it was still lower than the 6.8% rate Brad Sherman enabled...aided..supported to temporarily go into effect. All cause and effect of his recent votes on this issue.

Will the new compromised version of this bill be sufficient profiteering of students for the local representative Sherman?  Thereby, handing future college graduates with student-loan-debt longer than they had already anticipated to be burdened.  Or will he demand more from them as a modern day Scrooge? Maybe that should be Brad Sherman’s new name, Brad Scrooge. It seems the motivating factor of Brad Sherman is to use his financial knowledge all to increase the coffers of big government at the expense of the next generation for a much longer time.