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View Diary: Obama: 'Keep the pressure on' Congress on student loan interest rates (19 comments)

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  •   deflection and distraction!!?? (3+ / 0-)
    Recommended by:
    Hill Jill, kitebro, Matt Z

    McConnell is disgusting.

    $1000 a years is not a "distraction" to my daughter who struggles with student loan debt.

    •  $1000 a year? (0+ / 0-)

      First of all, the rates are fixed - so any loans your daughter already has will not change.

      Secondly, the maximum subsidized loan you can get is $5,500 (and only for your 3rd year and beyond - first 2 years are 3,500 and 4,500).  An extra 3.4% interest rate is around $200 a year.  The only way your daughter would pay an extra $1000 a year in interest due to this change is if she starts school now, goes for 6 years, and takes out the maximum amount ($30,000).  Then she would pay an extra $1000 in interest the first year (but it would go down after that, once she starts paying off the principle).

      However, since you say that your daughter "struggles" with student loan debt - that means that your daughter is already out of school and nothing about this affects her.  Stop believing everything a politician tells you.  You have been lied to.

      •  Also (0+ / 0-)

        Forgot to mention that the 3.4% interest rate was only around for one year.  In 2010-11, they were 4.5%, in 2009-10 they were 5.6%, and in 2008-09 they were 6%.  So I was actually being generous in my analysis.  No one had a 3.4% interest rate all through college.  It was only the lucky ones who were there last year.

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