Things You Should Be Aware Of: Your Student Loan Rates May Be Doubling Thanks To Congress
Is there anything worse and more hated in America right now than Congress? Maybe pedophiles, murders and Chris Brown. But nothing much more can match the stubbornness and incompetence of the Legislative Branch, and this example of them going on vacation instead of putting their noses to the ground and solving a problem that is going to actually affect a lot of people is the perfect example. MSN has the details:
As our national student debt continues to reach new heights, interest rates on federally subsidized loans are doubling on Monday from 3.4 to 6.8 percent. That is, unless Congress fulfills its promise to restore lower rates when it returns from its July 4 vaycay. Congress failed to reach an agreement on what to do about the July 1 hike before they left for the holiday. (They’ve only known about the deadline for a year.) The hope is that low interest rates will be reinstated by the time the majority of new students take out loans for the 2013-14 school year. But if you’re in summer school, sorry about that one.
In their defense, we all know what it’s like to want to rush out to get your vacation started. What’s that? You haven’t had a vacation in 4 years because you need to work and pay the bills? Oh, well, Congress says f*ck you. It’s vacay time baby.