It's actually SUMMER here in Boston. The one light fleece shirt I brought 'just' in case is now at the bottom of my suitcase, along with my jeans and long sleeved shirt. I got up early this morning for a walk before it hits the 90s, and to enjoy my Morning Edition on NPR.
One
report caught my attention with details I hadn't heard anywhere else. Of course, only FOX news on here at the homestead, so details aren't exactly a specialty. It has to do with the student loan legislation just passed.
Sure, the interest rates will not double. This saves student borrowers about $1,000 a year. No chump change, for sure. But here's what else the bill did:
- Interest on graduate student loans will have to be paid while still in school
- Eliminated six month grace period to start repayment of all loans
- Limited number of semesters needy students can get Pell Grants
- Made it harder to qualify for the maximum award
So it appears that students will be footing about $4.6 billion towards the deficit. Some estimates are that the total cost to students will be $18-20 billion EXTRA over the next 10 years. That's quite a shell game, legislators. The kids think you did a good thing when you actually are going to cost them more. It will be interesting to see who takes a lot of credit for this one.
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