Tim T. Schowalter: Occupiers and college loans
To the Editor:
One of the issues of the occupiers is college loans. Occupiers say, “We shouldn’t have to pay off our student loans.”
Let’s take a look at the facts about how many college grads might be having trouble paying back their loans. Time Magazine reports that the unemployment rate for college graduates is 4 percent. The average recent graduate owes $27,000, not a great burden if you have a job. It then appears a very small minority of college grads should be having any trouble paying back their loans.
So, what does Obama do? He urges on the unruly mob and tells all graduates “college students deserve a break … these pesky student loans are a bummer.” Another quote: “We shouldn’t burden you with debt when you’re starting off.”
We have tried to raise our kids to take responsibility for their own actions and now the President of the country tells all college graduates that they should not have to do the honorable thing and pay back their loans. Where is the public outrage and where is the press coverage on these purely political comments?
So, with only a small minority of graduates having problems, Obama, without approval of Congress and by an abuse of presidential power, takes action. He reduced the monthly payment on federal college loans from 15 percent of discretionary income to 10 percent and reduced the payback period from 25 years to 20 years, when the remaining loan is forgiven. Mr. President, tell me, under our equal opportunity Constitution, why are college grads more worthy than someone who borrows money for trade school, to start a business or pay for medical expenses?
The answer is they are not, but college students are one of Obama’s large voting blocks and a major part of his campaign force. Obama has taken taxpayer money and paid off one of his special interest groups to buy votes. Obama is also proposing for graduates who go into public service that their loan will be forgiven in 10 years.
Again, Mr. President, why should public service workers who already make more than private sector workers, get a break? Of course, the answer is another political payoff, as public service workers are a major special interest and voting block for the Democrats.
We got change all right, change to the most corrupt president we have ever had.
Tim T. Schowalter
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