It is more than ever essential, for long term economic success, for a young person to attend college, by every measure and statistic.
It is also becoming more and more expensive to attend college, even public colleges and universities.
The college student loan system has the capability to bankrupt millions of students, who will spend up to 30 years of their work lives paying down their college loans.
IF the interest rate is overly high, it can have a dramatic effect on the American economy long term, as many college graduates will be unable to afford a home, buy a car, spend money on consumer goods, and decide to have the expense of children.
IF we make going to college the equivalent of a form of economic slavery, it will discourage people from attending college, and will embitter those who have, and now are saddled with unsustainable debts.
That is why, at the least, the low interest rates agreed to in 2007–3.4 percent on government loans–needs to be continued, rather than the planned 6.8 percent.
But in 2007, the Republicans agreed to join the push for lower interest rates, but this time might not do so on political and ideological grounds.
Keeping the interest rate low will cost the taxpayers, but benefit the nation at large.
A greater goal should be the forgiveness of a large amount of student debt as an expense for now, but a method to promote economic growth in the long run.
Education should never be an issue of money alone, as without promotion of educational opportunity, not only the individual suffers, but the nation at large!