One can walk into nearly any restaurant and be served by servers who have college degrees or even advanced degrees, who are unable to find employment equal to their educational attainment. These same people are unable to pay off the enormous student debt with which they have been encumbered, leading to the next great bubble, the student loan bubble.
Within the last few years the Federal Government took over the Federal Student Loan program that guaranteed the student loans to banking institutions. The banks were charging excessive fees and the government wanted to rectify the student loan program.
If you are a parent or a student and wonder why college tuition is so costly, look no further than my political opponent, Democrat Congresswoman Joyce Beatty, who was appointed to a very high-paying administrative position at The Ohio State University. She worked there for only three years and retired with Ohio’s largest state pension at $265,000.00 per year. She understood how the Ohio Public Employee Retirement System (OPERS) works, in which a public employee’s pension is based upon the last three years of their public service.
Joyce Beatty’s huge pension is just one reason that Ohio’s college tuition costs you so much. Students who take out student loans must pay their loans back over many years and the question will be for them, “Do they enjoy the fact that some of their hard-earned money goes to Mrs. Beatty's huge pension?” Is there any wonder why college education is so expensive?
I contend that the Federal government should not be in the banking business, charging interest for loans to students. It is a usury system that should not be tolerated.
Therefore, to offer some relief to Americans with these student loans, I will propose in Congress legislation to abolish the interest charged by FAFSA (Federal Student Aid). Students graduate from colleges and universities with huge student loans. They are hit with interest charges that adds more money to be paid back to the government that is not necessary, nor is it right. The Federal student loans should be interest free.
With my economic proposals, our free-market economy can begin to expand, offering high paying jobs to graduates in their chosen field.
The elimination of the interest on these student loans would allow college graduates more money to use for necessities in starting out in life. To make up for the loss of these interest payments, the government can cut costs elsewhere, say in foreign aid that we give to other countries. We need to invest in our people, not governments half way around the world.
My Democrat opponent will not support this legislative action.