By Olivia LaRosa
March 26, 2012
It came to my attention today that the Republican minority in the Senate made no move to forestall the legislative mandate to double Stafford student loan rates on July 1, 2012.
Students are being financially crippled by the very institutions they crave to serve.
Six Democratic Senators introduced a bill on January 31 aiming to extend the current low Stafford rate, to halt the increase mandated on July 1, 2012. It has languished in committee, as they say.
All of our education systems are in crisis. At my legal alma mater, UC Hastings College of the Law, 31 workers were “laid-off,” in what reeks of retaliation from the union win of a new contract to be implemented the next day.
Too many students graduate with a debt load they never could have imagined when they begin their college education. Tuition at this state public school has increased over 4 times since I began my 1L year in 2001, from $10,000 to $43,000. Many of have debt that requires mortgage-sized payments.
Student loan debt is staggering. Where has all that interest gone?
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