Wednesday, October 26, 2011

An Innovative Idea Long Overdue

President Barack Obama will propose today a program that will help younger Americans consolidate their student loans and offer lower interest rates in the process.
An education should not be a usurious experience for anyone. Student loans are exempt from bankruptcy filings, so the banks are rarely completely busted on a loan, and payments can be extended to 25 years, which cripples the borrower but also permits the banks to accrue enormous fees and interest from each loan, a la a mortgage.
Really? Really? That's the most creative a bank can be when helping someone start out in life? Rip them off like they're bank robbers?