Time to collect on old student loans
Apr 30, 2012 | 14701 views | 0 0 comments | 593 593 recommendations | email to a friend | print
There is another solution to President Barack Obama and the Democrats call for finding $5.9 billion to prevent interest rates on Stafford student loans increasing from 3.4 to 6.8 percent in July.

President Obama and his Congressional leadership team continue to be silent on a key issue concerning millions of Americans who have benefited from being able to attend college on student loans, which in turn has given them access to joining the middle class.

Sadly, too many students then stuck Uncle Sam with the bill. Despite being successfully employed for years at well-paying jobs, there are several hundred thousand former students with ample income who refuse to pay off their student

Taxpayers are left with over $1 trillion in uncollected debts. Collecting some of these outstanding debts could easily preserve current 3.4 percent interest rates for Stafford student loans and fully fund all Pell grants.

We are now burdened with over $16 trillion in long-term debt, thus equal attention must be paid to this scandal as well. It is time to deny federal and state tax refunds to deadbeats looking for a free ride at our expense.

When will the White House and Congress speak up on this issue and introduce appropriate legislation to assist in collecting these outstanding debts? Time will tell.


Larry Penner

Great Neck
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