Forward Thinking

The Real Problem With Student Debt

By Hannah Rubin

I was greeted the other day by the charmingly nasal voice of President Barack Obama crackling through my telephone — calling to talk with me (and, surely, an undisclosed number of others) about the importance of keeping student loan interest rates low.

This White House Update Call — planned for student activists working alongside the administration to stop Congress from its planned July 1 raising of the interest rate on student loans — is the latest step in a much larger political campaign that the Obama administration has taken on.

The larger campaign revolves around resolving the student debt crisis; this aspect relates specifically to one part of that.

If Congress does not act, a mandate from 2007 that temporarily reduced Stafford subsidized student loan interest rates for five years is set to expire—which will effectively raise current interest rates from their reduced stature of 3.4% back to their original height of 6.8%.

Congress is currently at a standstill, as neither side will agree upon where to get the funds to subsidize the 6 billion dollars necessary to keep interest rates down.

The Republicans want to cut into Obama’s healthcare plan for funding, while the Democrats want to cut into oil subsidies and corporate tax loopholes. In many ways, it’s the same old story.

Obama has been traveling the country rallying his audience to “keep the pressure on Congress” because “college affordability is a key element in an American economy made to last.”

On the phone I was told to “buckle down” and “take action” because “this next week makes a real difference”. And yet, according to the New York Times, the estimated economic impact from this year-long hike will be about $6 per month per person. The interest rate hike will only last for a single year, if it is passed.

Read more


Permalink | | Share | Email | Print | Filed under: Barack Obama, College, Congress, Student Debt




Find us on Facebook!
  • The eggplant is beloved in Israel. So why do Americans keep giving it a bad rap? With this new recipe, Vered Guttman sets out to defend the honor of her favorite vegetable.
  • “KlezKamp has always been a crazy quilt of gay and straight, religious and nonreligious, Jewish and gentile.” Why is the klezmer festival shutting down now?
  • “You can plagiarize the Bible, can’t you?” Jill Sobule says when asked how she went about writing the lyrics for a new 'Yentl' adaptation. “A couple of the songs I completely stole." Share this with the theater-lovers in your life!
  • Will Americans who served in the Israeli army during the Gaza operation face war crimes charges when they get back home?
  • Talk about a fashion faux pas. What was Zara thinking with the concentration camp look?
  • “The Black community was resistant to the Jewish community coming into the neighborhood — at first.” Watch this video about how a group of gardeners is rebuilding trust between African-Americans and Jews in Detroit.
  • "I am a Jewish woman married to a non-Jewish man who was raised Catholic, but now considers himself a “common-law Jew.” We are raising our two young children as Jews. My husband's parents are still semi-practicing Catholics. When we go over to either of their homes, they bow their heads, often hold hands, and say grace before meals. This is an especially awkward time for me, as I'm uncomfortable participating in a non-Jewish religious ritual, but don't want his family to think I'm ungrateful. It's becoming especially vexing to me now that my oldest son is 7. What's the best way to handle this situation?" http://jd.fo/b4ucX What would you do?
  • Maybe he was trying to give her a "schtickle of fluoride"...
  • It's all fun, fun, fun, until her dad takes the T-Bird away for Shabbos.
  • "Like many Jewish people around the world, I observed Shabbat this weekend. I didn’t light candles or recite Hebrew prayers; I didn’t eat challah or matzoh ball soup or brisket. I spent my Shabbat marching for justice for Eric Garner of Staten Island, Michael Brown of Ferguson, and all victims of police brutality."
  • Happy #NationalDogDay! To celebrate, here's a little something from our archives:
  • A Jewish couple was attacked on Monday night in New York City's Upper East Side. According to police, the attackers flew Palestinian flags.
  • "If the only thing viewers knew about the Jews was what they saw on The Simpsons they — and we — would be well served." What's your favorite Simpsons' moment?
  • "One uncle of mine said, 'I came to America after World War II and I hitchhiked.' And Robin said, 'I waited until there was a 747 and a kosher meal.'" Watch Billy Crystal's moving tribute to Robin Williams at last night's #Emmys:
  • "Americans are much more focused on the long term and on the end goal which is ending the violence, and peace. It’s a matter of zooming out rather than debating the day to day.”
  • from-cache

Would you like to receive updates about new stories?




















We will not share your e-mail address or other personal information.

Already subscribed? Manage your subscription.