Federal student loan program is necessary | TheGazette

I?m a freshman at the University of Iowa who?s voting for President Obama. There are many reasons why I support Obama and oppose Mitt Romney. One reason is Romney?s lack of understanding of the importance of the federal student loan program.

Romney opposes direct government student loans, and wants to return to the system where private banks and loan companies issued student loans at high interest rates, which the government repaid if the student defaulted. This system made no sense, and only benefited the banks. Students paid higher interest rates and the private lender had no risk.

It could be because Obama needed loans to attend college, and Romney?s dad helped finance his education at Stanford, BYU, and Harvard, but clearly Romney just doesn?t understand why the federal student loan program is necessary.

This spring at a college in Ohio in response to a student?s question regarding the cost of college and need for the federal loan program, Romney actually said students should ?get the education, borrow money if you have to from your parents.? How clueless does Romney have to be to think paying for college is as simple as asking your parents for a loan?

Molly Brown

Iowa City

Source: http://thegazette.com/2012/10/30/federal-student-loan-program-is-necessary/

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