Students: Before Tweeting #dontdoublemyrate Read Here

College students, new graduates, about-to-become college students and their parents – stop –don’t tweet #dontdoublemyrate until you’ve got a few facts to help you aim at the correct target.

First, Stafford Student Loans have helped countless middle class American kids get a college education since Congress first created the program in 1965.

Second, July 1,2012, is a “triple witching day” for student loans programs because of three separate changes Congress has made to the Stafford Loan Program

  • In 2006 — established a fix interest rate of 6.8%
  • In 2010 — terminated all private bank lending for Stafford and other Federal Family Education Loan Programs.
    • and assigned all lending responsibility to the Department of Education
  • 2011 – eliminated all government subsidies for graduate and professional school loans.

Third, the increase from 3.4% to 6.8% only applies to the “subsidized” portion of undergraduate student loans –

  • The 6.8% interest rate already applies
    • to professional and graduate school student loans
    • and to undergraduate loans that do not qualify for government subsidies.

Fourth, there is broad, bi-partisan support for extended the 3.4% rate at least until 2014.

In the private sector, a CEO would work to avoid this problem erupting into a crisis.

So why is the President spending $179K an hour of tax payer money

  • crisscrossing the country
  • from one college campus to another, with a quick stop on the Jimmy Fallon program
  • urging students to tweet ??

Because Rahm Emanuel was right – a “crisis is a terrible thing to waste” –.

It’s an Election Year.

It would be terrible to avoid creating a crisis over an issue that reasonably smart people could settle over lunch!!

To which we should all tweet #POTUS #dontdoublemyrate – just pick one before dessert is served!

 

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