"...education is one of the best investments that government can make. One that has been shown to bring in huge returns and benefits for society and for America as a whole. And it will continue to do so if the government doesn't play the role of Big Banker... it should do what is best for the American people and join alongside students and families and invest in a better and brighter American future!"
As students, we are often told that education is one of the best investments that we can make. Unfortunately, due to costs skyrocketing and overall student loan debt now at about $1 Trillion, education is no longer a "good investment" in terms of the initial cost compared to the perceived future benefits/returns of the investment.
With that said, I would like to take the time to express my discontent and disappointment with the US Senate's decision yesterday NOT to keep student loan rates affordable, but rather to raise them. My disappointment is furthered due to the fact that the Senate passed this rate raising bill WHILE claiming that it would keep student loan rates low. This is profoundly deceptive and I do not have the words to say how disappointed I am.
I am very much in the same train of thought as Sen. Elizabeth Warren (D-Mass) and Sen. Bernie Sanders (I-VT) when they both express their disappointment with the recent bill.
Here's one of Senator Warren's quotes from the Washington Post:
“My colleagues who support this proposal say that it will lower interest rates on loans for this year — and that’s all that matters,” said Sen. Elizabeth Warren (D-Mass.). “Now, that’s the same thing credit card companies said when they sold zero-interest credit cards, and it’s the same thing subprime mortgage lenders said when they sold teaser-rate mortgages. In all of these cases, the bill comes due.”
And here is an excerpt form Senator Sander's press release:
A member of the Senate education committee, Sanders cited Congressional Budget Office projections that under the Senate-passed bill interest rates would hit 7.25 percent for undergraduate loans in five years. By 2018, graduate loans would go up to 8.8 percent and parents would be charged 9.8 percent on loans for their children to attend college, according to the analysis by the non-partisan agency that provides economic data for Congress.
In conclusion, education can be one of the best investments a student and their family can make IF the benefits and returns outweigh the initial cost of making that investment. But more importantly, education is one of the best investments that government can make; one that has been shown to bring in huge returns and benefits for society and for America as a whole. Furthermore, it levels out the playing field and is a vital component in providing each American citizen equal opportunity in the face of rampant wealth inequality. Government should do what is best for the American people and join alongside its students and families and invest in a better and brighter future of America!
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