President Joe Biden’s plan to save America’s middle class from the layers of college loans is being hailed by many families struggling to repay those loans, but it’s receiving heavy criticism from those who have already repaid their loans or who couldn’t afford to go to college. I am also one of them. With the help of a few strokes of luck, I managed to turn my high school graduation into a career in automotive engineering, technical analysis and training, and parts marketing and on-the-ground management. ground for a range of manufacturers including Toyota, Rolls-Royce/Bentley, Ford and Hyundai.
Although I have never had a college loan, I have seen the terrible burdens they place on young graduates and their families. I fear that President Biden’s action will do nothing to address the real problem, and that young families will continue to suffer. The real problem with college loans is the exorbitant interest rates charged by unscrupulous lenders, which make it nearly impossible to repay the loan.
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Okay, I know it’s capitalist blasphemy to suggest that, but what needs to be done is pay off all those predatory college loans straight away, relieve those young families of their obligations, and then cap the rates that financial institutions can charge for college loans now. I think something like 1.5% would be appropriate because that’s what banks pay for interest on savings accounts. If banks and “mouse houses” refuse to lend money at these rates, perhaps the US government could invest in education in this way. It would do our country a lot more good than the trillions of dollars they’ve wasted on 20-year-old wars in the Middle East, or updates to a nuclear weapons force that, if ever used , promises to destroy all living beings on the planet. .