Bill Blocked by GOP to Extend Low-Interest Student Loans
On Tuesday the U.S. Senate Republicans blocked a White House-backed bill that would end a tax break for some private firms so as to fund an extension of low-interest rates for federal student loans.
Republicans instead will cover the $6 billion cost of a one-year renewal of the 3.4 percent loan rate via funds from Obama’s healthcare plans. On July 1 a deal is expected to ensure the loan rate doubles for more than 7 million students.
With sixty yes votes needed, the Senate vote was 52-45.
The student debt bubble is perhaps one of the most controversial issues facing the youth in the United States, as the means by which they take on these debts is questionable. Indeed, more student debt has been called ‘unconscionable.’
The debate seems straight forward, as nobody forced these students to take out these loans. But, let us face it. Propaganda and indoctrination are forms of force. To brainwash a population from early, early on – i mean, we are deadset on college by like 4 or 5 years old after hearing our parents and teachers say this is how to succeed – is criminal and therefore makes null-and-void all student loans signed by a person at the age of 18. How about we let these kids legally party before they make the decision to become a de facto slave?
The way in which student loans are signed are similar to the indentured servitude of early America. The father of a young individual is typically involved in the terms as high school fails to prepare the young to understand the implications of a contract. The young, who are so ecstatic to be finishing up with the hell-hole of public education high school go along with whatever ma and pop say so long as they can get out of high school. And then, in college – same shit. And then, in real life – same shit less fun.
These loans responsibilities are on the banks who lent them, not the taxpayer. There is no moral argument for paying back any loans to the transnational banking system. The only argument is fear of repercussion.