Student Loan Interest Rates on the Rise?

Summary:

This article is about the rise of interest rates for college students is causing a conflict in congress.   President Obama tried to push congress to extend the low interset rate, but it soon became a conflict between the republican and democratic parties.  The republican party was with the President, as they wanted to push the low interest rate, but the democrats had a different idea.  They wanted the policy because if they froze the interest rate for one year, then loans would loose 6 billion dollars.  For the first time in history, student debt all together has reached over one trillion dollars.  The average student debt is over 25,000 dollars for Public Universities.  John P. Kline, a Minnesota republican who is chairman for the House Committee on Education, says "the interest rate is like ticking time bomb set by democrats".  Even though the student interest rate is at 6.8 percent, some experts say that it is still lower than most private universities.



Analysis:

As you can see the interest rate for college students have a major impact on our economy.. Since I am a student now in college, I understand what both sides of congress are saying and how they both are right in a way.  I personally believe in that we should keep the interest rate lowered because the only way to make a living in this economy is to get a degree and go to school.  But how do you pay bills and start you life right when you have 20,000 dollars in debt?  The lower the interest interest rate, the greater the graduating class, and the greater number of students who go to college.  I am not sure what the future is going to hold, but I know that my next year for school, the rate is going up again.  This affects my education, as well as the 20,000 other students who go to the same school as me.