As
we all know that the law that triggered the ongoing Sequestration was passed by
US Congress and signed by US President back in 2011 during the end of the year Grand
Bargaining. Many of us and the media have put the focus of the ripple effects mainly
on the Defense and recently FAA. But this very bad piece of legislation, as we
know it, is bad for everything and every aspect of human life to all Americans.
For example, l just received this email
from the Department of Education stating the following:
“Dear ………(student name), Our records indicate that you
either recently received or are scheduled to receive a Direct Loan from the
U.S. Department of Education to help meet your educational expenses. We want to
bring to your attention some recent changes in the law that will affect your
Direct Subsidized and/or Direct Unsubsidized Loan.
On August 2, 2011,
Congress passed the Budget Control Act of 2011, which put into place automatic
federal budget cuts, known as the "sequester." While this law does
not otherwise change the amount or terms or conditions of your Direct Loan, it
does increase loan fees on Direct Subsidized and Direct Unsubsidized Loans
first disbursed after March 1, 2013. Specifically, the fee on your loan will
increase from 1.0 percent of your loan amount to 1.051 percent. For example,
the fee on a $5,500 loan will increase by $2.80 from $55.00 to $57.80.
If you accept the
loan that has been or will be disbursed for you, you will be agreeing to this
higher fee and there is nothing you need to do at this time. However, if you
wish to cancel or reduce your loan, you may do so by contacting your school's
financial aid office. Requests for cancellation should be made as soon as
possible. If you have additional questions about your loan, please do not
hesitate to contact your school's financial aid office.
We wish you good
luck in your educational pursuits. Sincerely, U.S. Department of Education”
All
it says is that US Congress raised taxes to the students in the form of paying higher
interests during repayment. If you pay attention what politicians says, during campaigns
(Very often) and on the Congress floors
as they are legislating (not often at all), you will notice that they discussed
H.R. 4170 (112th): Student Loan Forgiveness Act of 2012 but did
not pass.
Since there are not lobbyists for students and parents who can go give
legislatures legalized bribes imposed by themselves like financial industries,
pharmaceuticals, energy, contractors and so on, families are left to fend for
themselves on this one. All I can say is ‘Go Figure!”
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