Student Loan Interest Rates Aren't Going to Double, After All

Illustration for article titled Student Loan Interest Rates Aren't Going to Double, After All

Congress managed to get its act together enough today to pass a bill that will prevent interest rates on new student loans from doubling on Sunday. The fact that you're happy about this announcement, that Congress managed to successfully do a thing, is a testament to how few things Congress usually does. Hooray! Bare minimum!

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The student loan interest rate-related legislation was especially pressing, since rates were set to double for new loans issued after Sunday and legislators were gearing up to head out to yet another recess. How many vacations does Congress get a year? It's like fucking Europe.

The rate increase wouldn't have threatened any existing loans; only new ones, so if you, like me, owe some financial institution $HOPELESS that you must pay in little chunks every month lest the bank repossess your brain's knowledge and accumulated fellatio savvy (both of which were amassed in college), you were never at risk for paying more. That's just a thing politicians said to you to get you riled up.

The student loan bill, as well as a handful of other bills that you'd think Congress would have passed sometime before the day before their vacation starts, will likely be signed into law by President Obama.

[USAT]

DISCUSSION

KittyConner
Kitty Conner

I'd love to see the numbers on the amount of time Congresspeople actually spend serving and meeting with their constituents during the many and various recesses. What do you suppose that percentage of overall time would be? (Fundraising not included, no matter how many constituents they meet.)

I'm sure there are some who are really fantastic about going back and really being a part of their community. But at the same time, there have got to be others who only go back to get elected.