The student loan reform signed into law by Barack Obama is a truly significant step in the right direction and proof of Obama’s progressive roots.
The fact that banks have anything to do with student loans in the first place is completely ridiculous and another example of socialism for the rich. In reality, it was the least the federal government could have done. Banks taking tax payers money to lend at extortionately high interest rates to poor students to make giant profits is completely despicable. And in many countries, the idea that students should go into any kind of debt at all is looked upon as unproductive and unfair.
But the fact that the Obama Administration has remained steadfast in the face of militant lobbying from the banks proves that it is committed to rolling back the extremism of the Bush Administration and do something to ease the burden on those least able to handle it. Cheaper loans for students means less debt, less anxiety, an easier route to education and a better chance of succeeding in life. It’s not the answer to every students problems, but it is a damn good start.
Ben Cohen is the editor and founder of The Daily Banter. He lives in Washington DC where he does podcasts, teaches Martial Arts, and tries to be a good father. He would be extremely disturbed if you took him too seriously.