Free Republic
The Affordable Care Act is set to cost students enrolled in the government’s loan program $8.7 billion in extra interest over the next decade, according to a report published by the non-partisan Congressional Budget Office (CBO).
If savings were kept inside the loan program, instead of transferred to Obamacare, as some Republican senators are suggesting, they could allow the Department of Education to lower student interest rates to 5.3 percent from 6.3 percent, according to the CBO.
The nearly $9 billion being used to fund Obamacare is derived from $61 billion the government says it will save by administering student loans in-house.
Late last month former secretary of education and ranking member of the
According to a report from the CBO, Obamacare is costing students enrolled in
Senate Committee on Health, Education,
the government’s loan program an extra $8.7 billion in interest.
Labor and Pensions Lamar Alexander (R-Tenn.) seized on the diversion of the funds as one solution for lowering student interest rates, which are set to double on Monday.
“The Congressional Budget Office estimates that if we applied that $61 billion savings to student loans, we could have reduced the interest rates to about 5.3 percent and save the average student $2,200 over 10 years,” said Alexander, speaking from the Senate floor.
(Excerpt) Read more at campusreform.org …
Socialism is not the Answer 