Seeing Red

The only place a student can consolidate their loans is with the Federal Government.  This is new as of this year.  Kate just learned they are going to charge us 7.875% interest on the loan.

Given the historicly low interest rates offered by the Federal Reserve and the bailouts of the financial institutions this is outrageous!!!  Someone has some real big nuts trying to pull a stunt like this.  Are they trying to follow the model of Mastercard and Visa?  And this is why I’m seeing Red.

I’ve been in contact with Congressman Markey’s office who’s staff has been very helpful thus far.  I’ve been in contact with Senator Brown’s office who’s staff has also been very helpful thus far.  I got a “Sorry, thats sounds like a bummer” type response from Senator Kerry’s office.

Please, someone out there tell me I’m overreacting or something.  I just feel so outraged by this!

Luckily Kate has employment and we bot have the real-world experience to try and resolve this.  I feel very sorry for the young new grads who probably won’t notice this in between the distraction of trying to find a job and adjusting to the real-world.  I’m usually not cynical but I can’t help but wonder is this some sort of sub-rosa revenue generating scheme they concocted?


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