Wednesday, April 11, 2018

Roskam tax cut plank he won't tout to voters

One of the major threats to achieving world class education is the student loan crisis. While many industrialized economies provide easy financial access to higher education, the US has becomes a student loanshark's dream. Usury interest rates approaching 7% have saddled 44 million current and former US college goers with $1.5 trillion in debt; an average over $37,000 per student. But the greedy money lenders weren't satisfied. They lobbied my congressman Peter Roskam (IL-6) and his tax cutting, deficit busting Republican buddies to strip away one important financial safety net for cash strapped student families. Roskam's Tax Cut and Jobs Bill Act, better named the Deficit Busting Rich Man's Tax Windfall Act, inserted a provision to decrease second mortgages to pay for college costs. How? By eliminating deducting interest on such home loans if used to pay for college. The advantage of such loans had been an interest rate less than half of student loans. Additionally, such loans were included if bankruptcy occurred. Not so with student loans which follow the hapless student borrower to the grave. Disregard for the student loan crisis, which degrades America's educational system, is a disgrace. Making it worse to reward the money lenders who support your lifetime congressional seat is a travesty.

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