Congress has been debating this issue for quite some time but could not come up with anything both sides could agree on, instead they both blamed each other in a game of chicken to see who would budge as the clock for interest rates to double drew closer. In the end Congress decided that it is more important for them all to take a nice vacation and break for holiday on the Monday of the week. As you can see Congress has themselves as their #1 priority.
“The interest rates on government-backed student loans for 7.4 million college students doubled today after Congress left town for the July 4 recess without resolving the issue.”
Photo by: Occupy* Posters
- Colorado students to take financial hit as college loan rates double (denverpost.com)
- Black College Students in Trouble (theroot.com)
- Student Loan Rates Double Amid Congressional Inaction (dailyfinance.com)