UNITED STATES—The cost of a higher education just appears to keep going up without any relief in sight. This week college students were dealt with a fatal blow when it comes to funding for higher education. The interest rate on a loan was initially set at 3.4 percent, but as of Monday, the rate has since doubled to 6.8 percent. For some, they may think this is not such a high spike on the interest rate for a student loan, but think again.
As someone in the midst of paying off student loans from college, what may seem like a little to begin with can add up because interest calculates over a 10 or 30 year time frame. A loan that may appear to only be $15,000 might end up being more than $25,000 after the interest is added to that loan over a 10 year period. For most students, the ability to take out a loan and to not have to worry about paying interest on that loan will in school is a great relief; the issue occurs after graduation day.
Those who take out federal loans are given only 6 months after graduation to begin paying on those loans, which is quite problematic. How many people do you know who graduate with a job in hand, making enough money to keep a roof over their head, food in their stomach, provide the basics and pay off a student loan? The answer to that question: not many.
My biggest issue is why in the wonder was Congress not able to deal with this issue before it became a problem? It’s not like they work a five to six day work week. They’re inWashingtonthree days a week, of course there are those who work a lot harder than their colleagues, but I have inkling it’s not a huge number. So keen to take that summer vacation, yet nothing of importance ever gets done. Congress is a joke. Yes, I said it: Congress is a joke. We elect these politicians to serve the people, but it appears they are more concerned about themselves. Is it possible we’ve placed too much faith in the game of politics? Absolutely, we are a democracy, but with each year I find myself thinking not so much.
Once again we have Republicans blaming Democrats and Democrats blaming Republicans. “Are you kidding me?” What is it going to take for someone to be the bigger man, to accept the flaws they’ve made and acknowledge the working class has been dealt another blow that will be difficult to recover from? It’s already a sign when corporations like McDonald’s are asking cashiers to have a college degree.
A college degree equates to a high school diploma nowadays. If you want to stand out against the bunch, you have to achieve a master’s degree or even a doctoral degree. The problem it costs quite a bit of income to achieve such heights. Before you know it, you’ve accumulated over $150,000 to $200,000 in student loans.
Students rarely think about that while in school, but once school ends it becomes a reality. It’ll take years to pay off those loans and it’s a stressor that doesn’t really go away. The only way to get out of paying a student loan is if you’re a representative of the government. Isn’t that something? A congressman or congresswoman might get a pass, but everyone else doesn’t. That makes me quite angry. For some, 6.8 percent does not seem like a high interest rate, but believe me it is. Congress needs to get back to D.C. right away to solve this issue before it becomes a problem that plagues students for years to come.
By Trevor Roberts