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Finance 101

A group know as Campaign for America's Future (somehow related to MoveOn.org) has released one of the lamest web commercials ever made. It's a poorly executed Conan O'Brien style moving lips version of a Laura Bush picture warning students that Republicans are trying to raise the costs of their college loans by $5,500. They fail to explain: which legislation would cause this; where the numbers come from; and why the bills are being considered. All in all it does nothing to educate anyone... Go view the ad.

A better examination of the two bills in Congress can be found in this college newspaper or in this Washington Post article.

At issue is the interest rates on student loans, mostly on consolidation of loans at fixed rate percentages. Providers of the loans argue that as interest rates rise, loans consolidated to fixed rates below market rates will cost taxpayers billions of dollars and deplete to pool of available funds for new loans. Student activists contend that the lender subsidies are to blame for the increase taxpayer burden.

And what do the leaders of the campaign want students to do? Write their congressional representatives, perhaps, or mobilize to vote against bill sponsors? Nope, that would be too logical.

They want students to send their student loan bill to George Bush....


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