Senators split on rising student loan rates
Casey wants to extend current level; Toomey rejects proposals from both parties. (click here)
Pennsylvania's senators are split on what do to about a key student loan interest rate set to double soon unless Congress intervenes.
Democratic Sen. Bob Casey Jr. backs his party's plan to extend current rates, affecting subsidized Stafford loans, for two years.
But Republican Sen. Pat Toomey is opposed to an extension — as well as to his own party's plan, which would tie student loan rates to a variable rate set by the U.S. Treasury.
The enormous college debt carried by a generation of American neglected by their government for the past decade and faced college graduation with unemployment are unable to contribute to the USA economy besides.
Jun. 9, 2013 4:20 PM
...Richard Cordray, director of the CFPB, (click here) noted in prepared remarks that U.S. Census data show nearly 6 million Americans ages 25 to 34 lived with their parents in 2011. It’s estimated that this age group made up 27% of all home buyers in 2011, the lowest share in the past decade, according to the National Association of Realtors.“Young consumers bowing under large debt loads may be unable or unwilling to buy a car or a home,” Cordray said.
Democratic Sen. Bob Casey Jr. backs his party's plan to extend current rates, affecting subsidized Stafford loans, for two years.
But Republican Sen. Pat Toomey is opposed to an extension — as well as to his own party's plan, which would tie student loan rates to a variable rate set by the U.S. Treasury.
The enormous college debt carried by a generation of American neglected by their government for the past decade and faced college graduation with unemployment are unable to contribute to the USA economy besides.
Jun. 9, 2013 4:20 PM
...Richard Cordray, director of the CFPB, (click here) noted in prepared remarks that U.S. Census data show nearly 6 million Americans ages 25 to 34 lived with their parents in 2011. It’s estimated that this age group made up 27% of all home buyers in 2011, the lowest share in the past decade, according to the National Association of Realtors.“Young consumers bowing under large debt loads may be unable or unwilling to buy a car or a home,” Cordray said.
