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Money

The www.FedPrimeRate.com Personal Finance Blog and Magazine

Tuesday, May 17, 2005

Congress Getting Ready To Take the Consolidation Dolly and Go Home!

Well, leave it to Congress to take a good thing and ruin it!

Congress is right now considering whether they should take away the fixed rate consolidation option that was part of the historic Higher Education Act of 1986. Congress wants to take away the low rate consolidation option claiming that they are, "protecting taxpayers from the rising cost of subsidizing the program." Hmmm...Protecting taxpayers by making it far more expensive for low income students to pay back their student loans? Once again folks, as with the bankruptcy bill recently passed: Congress is out of touch with reality, and the average, hard working American will suffer because of it. Without the option to consolidate student loans at a low rates, students will end up paying many thousands more in interest charges over the life of their loans.

So if you plan of consolidating, do yourself a favor: contact your Congressman and tell him/her to vote no to these proposed changes. Remember: it's your Congress!


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