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Obama Student Loans

Now that Barack Obama is President and he has been in office 100 days, what has he done for students and all the young people that voted for him? Has he given us any Obama grants? How about any back to school grants? The big question with Obama student loans is whether companies and the government should be allowed to profit from them or whether we should lend money to students at a very low rate and give them the opportunity to get a reasonably priced education. After all, the youth of America are our future and shouldn’t we do everything we can to see that they get educated?

On its face, it would seem to be a gift to Barack Obama’s conservative critics, who have spent the summer painting the new Democratic President as a socialist who is eager to nationalize the entire health-care system. After all, the Administration’s proposal to restructure the student-loan industry is, in many respects, much closer to an actual government takeover than its relatively tame market-driven health-reform plan. But as the House holds hearings and looks likely to pass a student-loan bill this week, it’s clear that the education overhaul is not going to be the high-pitched battle that opponents and the White House once expected it to be.

The student loan business is obviously a very big business. It has even gotten bigger as the cost of education has gone up because more and more students need loans to be able to afford tuition. Right now, students need money for school more than they ever have before and getting it has not been easy. Jobs are hard to find and that is one way college students pay for school and pay for the loans.

President Obama has made it clear that all students should go to school or have some type of job training after high school. He has even gone so far as to say that moms should go back to school too if they can. But the question is whether he has done anything concrete to make any of this possible?

President Obama wants to change student loans so that they are not private and all go through the US government. His thinking is that the government can give students a lower loan rate than private companies are willing to. Is this another attempt to socialize a part of our lives or is this an idea that really may work? The government has never been able to run business in an effective manner and this is probably no exception. However, depending on how this unfolds, we may get a chance to see first hand whether this idea is a good one.