If President Obama is successful next year, he will take private companies out of the business of loaning money to college students. The United States Government will make all the rules and determine everything including interest rates that are charged, how much each student will qualify for, and what students qualify for loans.
Knowing the US government and the politically correct mentality that runs through it, this means there might be quotas on who gets loans. If you are some Caucasian kid from Iowa, you might not qualify one year because not enough Mexican students or African students have gotten loans. The government may tell you or your child that you don't qualify for a loan at any time based on whatever criteria they have set up.
The Obama student loans proposal is just one more attempt at a government takeover of another part of our life. Do you care where your school loan comes from? Probably most don't but what I care about is whether I will be allowed to get one. If it is solely in the government's hands, I have ZERO confidence in the loan process. After all, the government screws up almost everything they touch.
I don't want the slimy politicians in Washington determining who gets to go to school via a loan and who doesn't. Am I the only one that feels this way?
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