Once again the student loan rate is raised to astonishing 43% and according to Mr. Jerome H. Powell, the Chair of the Board of Governors of the Federal Reserve System, he actually recommended 73% but was turned down because his own daughter who is a graduate from Nazarene Bible College still has few hundred dollars of loan to repay.
“Hey you gotta take care of the family and mark my word I will make sure that the rate goes up to 90% when my kids and family no longer have any outstanding loans,” said Mr. Powell at a wine and dine gala sponsored by Nelnet.
Nelnet has been lobbying for strict financial control for students who are defaulting on student loans. “The idea is to get these students who fail to keep up with the loan repayment marked as a felon so they have no where to go but pay off the loan” said the President of Great Lakes Student loan Company.
Loan servicing companies are pushing for new laws that can be used to go after the parents of the students as well as their relatives and neighbors.
A spokesperson for student union of America said ” We believe the pressure is coming from China as they are backing all the loans here in US. I mean Biden just used Chinese money to finance the drug rehab loan for his son Hunter.”
