"To make sure our students don't go broke just because they chose to go to college, we're making it easier for graduates to afford their student loan payments," Obama said.
"The average student ends up with more than $23,000 in debt. So when this change takes effect in 2014, we'll cap a graduate's annual student loan repayments at 10 percent of his or her income."
Under the measure, private banks would no longer get fees for acting as middlemen in federal student loans. The government would use the savings to boost Pell Grants and make it easier for some workers to repay their student loans. In addition, some borrowers could see lower interest rates and higher approval rates on student loans. Savings are also meant to go toward reducing the deficit and helping to pay for expanded health care.
My take:
Like amnesty for illegals and looser immigration laws, enhancements to student loan programs are guaranteed to generate votes for Democrats.
With looser immigration rules and amnesty, the relationship is direct. Grateful beneficiaries reward the party that helped them out. Yes, there are victims - American citizens who are displaced by the new arrivals and join the unemployment rolls. But those workers generally are displaced from low-level jobs and have been conditioned to vote Democrat. In most cases, they will continue to do so. For the Democrat Party, it's a win-win transaction.
With students, the process is more prolonged. First, when student aid is enhanced, more young people have money to enroll in college. But college administrations quickly capture much of the new money by raising tuition.
As revenue grows, colleges hire more professors and admit more students. It is undeniable, however, that colleges - especially liberal arts colleges - serve as incubators of liberal and radical voters. If you doubt this, check the vote counts in communities where large numbers of students live. The net result: more votes for Democrats.
That's one reason why rich conservatives often turn out to have liberal or radical sons and daughters. Under the Obama administration, that won't change.
Saturday, March 27, 2010
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