But it's not just college loans. our entire culture has shifted so far toward individual wealth and away from the common good. The 28/40 year republican rule in the country has pretty much decimated civic values, put us 12 trillion dollars into debt (almost all of it in republican administrations)....
The richest people WANT to see high interest rates on the poor. That's how they make their money. Investing. As far as they are concerned, the higher the better. If a student will pay 8.4% interest, then they are a lot more likely to give him money than the guy only willing to pay 3%. And the more wealth is concentrated in the hands of the rich, the easier it is to raise interest rates to the absolute maximum possible.
The fact is that the free market systems we all love, start to fail at some time. It's always cheaper to pollute the stream, pass debt on to future generations, and screw the poor. It's more expensive to treat the water, raise taxes, and educate and help the poor.
The truth is we need to raise taxes on the wealthy and start putting money back into the common good like an educated public and public infrastructure instead of idiotic private McMansions.
Let's start with the idiotic low taxes on capital gains and the social security tax cap...Rich people pay FAR less of a tax percentage than the middle class, and the middle class is unbelievably ignorant of it. How many of you knew that there is a 13% Social Security tax that ENDS when you make over $106,000? The richest person in the world (Warren Buffet) pays a lower percentage in tax than his secretary? The rich don't even pay tax on money made through stock appreciation, until the stock is sold? But the wage guy has to pay every year?
It's gotten ridiculous, and the public needs to demand that taxes are raised...The rich will fight it tooth and nail and use all sorts of scare tactics and , but that's the only way things are going to get better....and the rich will NEVER do it voluntarily.
Write to your congressman..ask him to raise taxes...especially on the wealthy