It’s a sad state of affairs when educating the future leaders of our country is turned into a political football, for which Congress should receive a failing grade.
It’s critical that members from both sides of the aisle come together, reverse the rate hike and develop a long-term solution to keep this from happening again. Having not done so before they went on recess is inexcusable.
The irresponsible actions of lawmakers left about 300,000 Michigan college students saddled with even more debt. According to the Project on Student Debt, nearly two-thirds of Michigan college students graduate with debt that averages nearly $27,500. The higher interest rate will add approximately $1,000 to that debt.
Legislators should be working hard to find ways to make it more affordable for people to attend college, not ways to make it even more challenging. Our inability to do so will put us even further behind when competing at the global level.
Like most things that the government is a part of, the resolution will likely be slow in coming, and undoubtedly tied to other unrelated issues. One plan suggests that student loan rates be tied to the 10-year Treasury note, which would eliminate the need for Congress to set the rate.
This plan, however, doesn’t protect students from market fluctuations when rates swing upward. Even though interest rate caps are proposed, this still doesn't provide the safeguards needed for students who will likely be drowning in debt upon completion of college.
Find a workable solution that benefits all students, giving everyone an opportunity to achieve a college education should they have the talent and ability to do so.
Our Views reflects the majority opinion of the members of the Grand Haven Tribune editorial board: Kevin Hook, Cheryl Welch, Matt DeYoung, Alex Doty and Fred VandenBrand. What do you think? E-mail us a letter to the editor to firstname.lastname@example.org or log-in to our website and leave a comment below.