I have a tendency to think something is a good idea for about 24 hours, and then I begin to think it might not be quite as unassailably brilliant as I first thought.
But 24 hours ago I learned that Senator Elizabeth Warren is submitting a bill to Congress which would make student college loans available for the same rate that the Federal Reserve lends money to banks. That would reduce the rate students are charged from 6.8% to under 1%.
Every single day through the Federal Reserve, the US government invests in our banks – largest financial institutions in this country. As the senator says, “We should be willing to make that same kind of investment in our kids who are trying to get an education.”
This sounds like a brilliant idea to me. It’s an investment in the nation ‘s future. It’s not a hand-out or free-bee. It says “if you have the ability and are willing to work hard, the government is willing to make an investment in your future.”
The only safe guard against potential abuse that I can see would be required would be that colleges and universities do not lower standards in order simply to be a four-year break between graduating from high school and entering the work world.
What do you think? Read more here.