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Sunday, April 29, 2012

Telegraph fell for student loan scam

Letter to the Editor

Telegraph fell forstudent loan scam

When you opened the Kool-Aid package for your April 26 editorial (“Student loan hike mired in politics”), you forgot to read the “made in” label before you began to stir the pot.

The College Cost Reduction and Access Act of 2007 was dreamed up and sponsored by 32 Democrats (notice no Republicans). It happened shortly after the Democrats took control of both the House and Senate in 2006; the Senate was 49-49, but the two independents always voted with Democrats.

All of the Democrats in the House and Senate voted for the bill, along with a few of the Republicans.

This left President George W. Bush in a position of signing the bill in late September 2007 or vetoing it, with a certain veto override that would give Democrats a campaign issue for the presidential primaries that were already in progress.

The interest rates are not what meet the eye, either. The bill phased in the reduction yearly from 6.8 percent in 2006 to 3.4 percent starting in July 2011.

The Democrats set this whole thing up to be an election issue, and you fell for it hook, line and sinker.

Now the president is spending $250,000 an hour to fly Air Force One – and the backup plane for Limo One – all over the country to tell college students that taxpayers are not doing enough to support this made-up emergency, so they better vote for him and Jimmy Fallon.

John Conway