Is it true that the government student loan program has much higher interest rate than private lending agencies offered before the takeover?
Yes, much higher. Which is of course what happens whenever govt gets involved. They are also much more difficult for every day Americans to get, and colleges control the amounts according to what they deem you need. I understand this is because the govt has made the colleges responsible for the loans if the are defaulted upon.
All of it makes it so much more difficult for middle class or lower income people to go to college. And should they put in loan forgiveness, none will be given out. Unless of course you are part of a favored “class” of student, like oh say...foreign or illegal.
My current interest rate on competitively bid private student loans taken out in 2005 and 2006 is 2.36%. I'm not sure what the new government monopoly offers, but I'm guessing at least 6%.
It amazes me how liberals believe that monopolies offer better services at lower costs than a competitive market.
No