Change: Democrats Double Student Loan Rates, Use the Money to Fund Obamacare
So much for liberals helping out students.
Check it out:
Some time ago, maybe a year ago — at least I think a year ago, certainly within nine months… By the way, a shout-out to those of you students. It’s about your student loans. A year ago, nine months ago, we were told that the House Republicans and Democrats were working diligently to reduce a scheduled doubling of the student loan interest rate. You remember this discussion?
The student loan interest rate, because of prior legislation, was scheduled to double this summer, to go from somewhere around 3% to 6.8%. But we were told that this wasn’t going to hold. Obviously Republicans and Democrats were playing a cat-and-mouse game on this. But the upshot of it was that by this summer, that legislation would be rewritten and the interest rate would stay the same.
The argument, if you recall, centered around the usual Washington budget talk about how there was gonna be a “cut” in the student loan rate, when there wasn’t going to be a cut in the student loan rate at all. All that was gonna happen was it was gonna remain the same, 3.4%. It was scheduled to go to 6.8% — and it was the Democrats who wrote that in, by the way. It was Democrat legislation that doubled the student loan interest rate from 3.4% to 6.8%.