Their opinion: The burden of student debt
The Republican of Springfield (Mass.), June 12, 2014
It shouldn't take 40 years to pay for college.
But it can. It sometimes does.
So many students these days, especially those who've gone on to do post-graduate work, are getting out of school with a debt burden that can haunt them for decades.
There are plenty of people in their 60s who are still paying off their student loans. And there are lots in their 20s, the newly minted graduates, who face such a mountain of debt that they couldn't even consider starting a family or buying a home.
Thankfully, the White House has made a sensible move to cap the amount that students have to pay toward their loans. President Barack Obama signed an executive order that will limit loan repayments to 10 percent of a borrower's monthly income.
It's a positive step, but there's only so much a president can do by himself.
What was really needed was congressional action. But Senate Republicans blocked a bill that would have allowed borrowers to refinance their older, higher-interest student loan debt at today's lower rates.
Not so, said Republicans. Because funds for the proposal, sponsored by Sen. Elizabeth Warren, D-Mass., would have come from an increase in taxes on the wealthiest members of our society.
And too many of today's Republicans in Congress wouldn't even take a look at a bill that would tax those who can most afford it.
In the old days, there was a certain kind of conservative, those of the hidebound, old-school set, who couldn't care less about access for the many. If you couldn't afford to go to college, it wasn't their problem. It was because your family wasn't rich enough. Plain and simple. End of story.
These days, members of that crowd have barely changed their tune. Those who can't afford to pay off their student loans are given no more of a chance than were their predecessors.
College is supposed to teach students lessons that last a lifetime, not burden them with debt that sticks around just as long.