Obama, Schumer and the Student Loan Armaggedon
Over 7 million students receive some sort of subsidized student loan from the U.S. federal government. That is a ton of debt and it's getting larger every year: eclipsing credit cards and car loans, the figure right now stands at around $870 billion nationally. And, on July 1st, it could double in size.
In an effort to avoid the college credit armageddon, Schumer is pushing forth legislation that willblock
the 3.4 percent increase by freezing the current rate for another year. But these are the kick-the-bucket negotiations that got us here in the first place: with the extension,Runnin' Scared
will probably find itself writing another article, identical to this one, a year from now about the impending loan crisis.
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