According to the New York Times, it’s the fault of the Republicans that Brown’s bill didn’t pass. Oh really? Well, read a bit further down in the article. “American students took out twice the value of student loans in 2011, about $112 billion, as they did a decade before, after adjusting for inflation. Over all, Americans now owe about $1 trillion in student loans. In 2010, such debt surpassed credit card debt for the first time.” The Republicans are trying to keep the economy afloat by not raising taxes on the people who create jobs.
Thirty seven million people currently have outstanding student loan debt. How did I get through college without loans? I worked during my high school years and had saved enough for my freshman year; my parents paid for years 2 and 3; my husband and I paid for my senior year. College costs are going up much faster than inflation primarily because the government floats so many loans.
“Republicans say they want to extend Democratic legislation passed in 2007 that temporarily reduced interest rates for low- and middle-income undergraduates who receive subsidized Stafford loans to 3.4 percent from 6.8 percent. But the Republicans would not accept the Senate Democrats’ proposal to pay for a one-year extension by changing a law that allows some wealthy taxpayers to avoid paying Social Security and Medicare taxes by classifying their pay as dividends, not cash income.
“They want to raise taxes on people who are creating jobs when we are still recovering from the greatest recession since the Great Depression,” said Senator Lamar Alexander, Republican of Tennessee, who instead wanted to pay for the rate decrease by eliminating a fund for preventive health care in Mr. Obama’s health care law. “
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