Students deserve same deal as banks
Students should be aware that even though House Republicans passed a bill that would prevent loan rates from doubling to 6.8 percent, from the current 3.4 percent, the bill will tie the rates to the 10-year treasury note and will also allow lending rates to reset each year.
This is not the best plan offered. The president's plan would also tie the rates to the treasury note, but it would keep the rates fixed at a single rate throughout the loan's lifetime. This would have been a much better plan for students so no kudos to Roskam because he did not support the president's better plan.
The very best plan, however, would have been Elizabeth Warren's plan that students be given the same great deal that banks get — a rate of 0.75 percent. If Roskam would have supported that, then he would deserve kudos. We know, however that a Republican House would never give students the same rate that banks receive.
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