Washington Post: A Development of High Interest for All College Students
Rep. John Boehner (R-Ohio), chairman of the Committee on Education and the Workforce, recently sent a letter to all House members in support of changing the interest rate charged to borrowers on consolidated student loans from a fixed rate to a variable rate
For those of us with student loans (and still accumulating debt), consolidating loans under the current law would lock us into the current, low, interest rate. Allowing the rate to float on consolidated loans will cost us significantly more in interest payments as rates rise.
Life, Law Libido: Life, Law: Surprise! Congress is Trying to Screw You!: “Pay attention to this ongoing debate, kids. It could have a huge impact on your future.”
Contact The Committee on Education and the Workforce and urge them to reject this reckless proposal. Local members include Brooklyn’s own Major Owens, Donald M. Payne (Hudson, Union Essex Counties in NJ) Carolyn McCarthy (Long Island), Rush Holt (Princeton, NJ) and Tim Bishop (Long Island).
More about the impact of variable rates, at BRR: A Bad Idea From Greenspan