Lost in Discussion: Alexander-Burr-Coburn Op-Ed on Student Loans
In “Playing Politics with Student Debt,” Senators Lamar Alexander, Richard Burr and Tom Coburn outline a plan to solve the pending student loan interest rate increase on July 1. Providing students and families with a “sure thing” interest rate for the life of the student loan, means that graduates can more easily plan their finances and a path to pay off their education after commencement. It is both fair to the student and fiscally reasonable.
Unfortunately, their proposal is getting lost in the discussion – which is ironic. At a time when there is much criticism about transparency and information in the student aid programs – both at the institutional and federal levels – the proposals getting the most consideration might in fact, make it more difficult for students to predict those rates, could possibly increase debt levels and perhaps exacerbate default on student loans.
There are no easy choices, but the Alexander-Burr-Coburn solution takes us in the right direction.