After the repeal of the ‘Glass-Steagall Act’ and through Bush2’s ‘Great Recession’ student loans were handled by Wall Street banks. Virtually anyone could get a loan. The abundance of funding did as it does in all areas of U.S. business like health care and food, the prices went up. They started gouging. The student loan program was then taken away from Wall Street and put into the ACA. The gouging by schools did not stop. Tuition has far outpaced any inflation and tuitions since 2009 have gone up more than 800%. What should be done is surely an investigation into the gouging by schools, but a retro-active freeze would be fair. Whatever the first year tuition was in any student loan should be made a flat fee for all 4 years. Interest accumulated from then should be forgiven. Interest should be started anew with the changes in the freeze. The interest charged all these years that has made so much of the burden for borrowers is just paper anyway, forgive that. Pay back what was committed to initially. We should not make our students pay the gougers and opportunistic schools.
After the repeal of the ‘Glass-Steagall Act’ and through Bush2’s ‘Great Recession’ student loans were handled by Wall Street banks. Virtually anyone could get a loan. The abundance of funding did as it does in all areas of U.S. business like health care and food, the prices went up. They started gouging. The student loan program was then taken away from Wall Street and put into the ACA. The gouging by schools did not stop. Tuition has far outpaced any inflation and tuitions since 2009 have gone up more than 800%. What should be done is surely an investigation into the gouging by schools, but a retro-active freeze would be fair. Whatever the first year tuition was in any student loan should be made a flat fee for all 4 years. Interest accumulated from then should be forgiven. Interest should be started anew with the changes in the freeze. The interest charged all these years that has made so much of the burden for borrowers is just paper anyway, forgive that. Pay back what was committed to initially. We should not make our students pay the gougers and opportunistic schools.