Poorer U.S. students are being told by wealthy officials they're being 'saved' from high interest rates on student loans. But in fact, they're being screwed -- in comparison to friendly agreements with crooked banks. How can this be?
U.S. government funds are loaned to the biggest banks at below 1%, though most such banks have been in default and have troubled histories. Clearly, the Federal Reserve is comprised of bankers who largely help themselves and their industry.
A Congressional "bipartisan compromise" for student loans would lend initially at 3.86% for undergraduates (capped to 8.25%). Ten years of this program would earn the national government an estimated $184 billion. Massachusetts Senators Elizabeth Warren & Edward Markey support legislation pegging student rates to the rate granted banks, presently 0.75%
But -- Don't hold your breath waiting. Agitate. Vote Green Party, or for those resisting the banker cabal. Poor students - thanks to Washington you'll remain poor.
U.S. government funds are loaned to the biggest banks at below 1%, though most such banks have been in default and have troubled histories. Clearly, the Federal Reserve is comprised of bankers who largely help themselves and their industry.
A Congressional "bipartisan compromise" for student loans would lend initially at 3.86% for undergraduates (capped to 8.25%). Ten years of this program would earn the national government an estimated $184 billion. Massachusetts Senators Elizabeth Warren & Edward Markey support legislation pegging student rates to the rate granted banks, presently 0.75%
But -- Don't hold your breath waiting. Agitate. Vote Green Party, or for those resisting the banker cabal. Poor students - thanks to Washington you'll remain poor.
