US and UK Govts Put Own Students Last

The treacherous governments of the US and the UK have enacted measures designed to deprive their own young people of affordable senior education—while giving banks loans at a fraction of the rates charged students and pumping billions into foreign aid and wars.

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The issue has been brought to the fore in America by Senator Elizabeth Warren (D—Massachusetts) who introduced her first bill, the “Bank on Student Loan Fairness Act.”

This bill, she said, would, if passed, enable students who are eligible for federally subsidized Stafford loans to borrow at the same rate the big banks get through the Federal Reserve discount window.

On July 1st, she said, the interest rate on new, federally subsidized student loans is set to double from 3.4 to 6.8 percent.

“That means unless Congress acts, for millions of young people the cost of borrowing money to go to college will double,” she continued.

“The student debt problem in this country is a quiet but growing crisis. Today’s graduates collectively carry more than $1 trillion in debt—more than all the outstanding credit card debt in the whole country.

“Doubling the interest rate on new student loans will just increase the pressure on our young people.

“Student interest rates are set to double in less than two months, but so far, this Congress has done nothing—nothing—to address this problem.

“Some people say that we can’t afford to help our kids through school by keeping student loan interest rates low.

“But right now, as I speak, the federal government offers far lower interest rates on loans, every single day—they just don’t do it for everyone.

“Right now, a big bank can get a loan through the Federal Reserve discount window at a rate of about 0.75%.

“But this summer a student who is trying to get a loan to go to college will pay almost 7%.

“In other words, the federal government is going to charge students interest rates that are nine times higher than the rates for the biggest banks—the same banks that destroyed millions of jobs and nearly broke this economy.





“That isn’t right. And that is why I’m introducing legislation today to give students the same deal that we give to the big banks.

“Some may say that we can’t afford this proposal. I would remind them that the federal government currently makes 36 cents in profit on every dollar it lends to students. Add up all of those profits and you’ll find that student loans will bring in $34 billion next year.

“Meanwhile, big banks pay interest that is one-ninth the rate that students will pay. That is wrong.

“If the Federal Reserve can float trillions of dollars to large financial institutions at low interest rates to grow the economy, surely they can float the Department of Education the money to fund our students, keep us competitive, and grow our middle class.”

It remains to be seen if Ms Warren’s standalone bill receives any support among her colleagues, even though every word of it is true.

Furthermore, according to the Costofwar.com project, the total cost of the illegal war in Iraq has so far been in excess of $810,540,000,000 and in Afghanistan, over $627,115,000,000—and rising all the time.

And yet the US government sees fit to allow American students, hard-pressed as they are, to be charged billions for loans which are dwarfed by the expenditure on wars fought for the sake of the Jewish lobby and Israel.

In addition, a new report just out has revealed that Israel receives at least $8.5 million every day in direct aid from American taxpayers.

The situation in Britain is exactly the same. In 2010, the British government announced a 40 percent cut to the University budgets by nearly £3 billion—yet at the same time announced an increase in foreign aid by £4 billion.

As a result, study fees in the UK have tripled from an average of £3,000 per year to over £9,000 per year, meaning that thousands of young people have been unable to go to college, and those who do are left with crippling loan debts before they have even found a job.

This is quite apart from the financial cost of Britain’s involvement in the wars in Iraq and Afghanistan, which have cost in excess of £20 billion.

The reality is that the governments of both Britain and America have put the interests of a foreign nation—Israel—before those even of their own children. None dare call it treason, but that is what it is.


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