House OKs bill to cap student loan rates

[shawn703]

This discussion thread was locked as off-topic by dixiegrrrrl (a host of the Latest Breaking News forum).

Source: MarketWatch

WASHINGTON (MarketWatch) -- Defying a White House veto threat, the House on Friday passed a Republican bill to keep interest rates on federal loans to college students from doubling on July 1. The nearly $6 billion cost of the House bill is paid for by taking money out of a prevention and public health fund included in President Barack Obama's health-care law.

Read more: http://www.marketwatch.com/story/house-oks-bill-to-cap-student-loan-rates-2012-04-27?siteid=bnbh

[crazylikafox]

1. Game on

[AllyCat]

2. I don't get it. Why do we have to "pay for" this? Interest rates are set by the banks, right?

So what does this have to do with anything about health care or the budget as a whole?

[shawn703]

5. I believe at issue are the subsidized student loans

Where the government is paying part of the interest. Hopefully someone with more knowledge could clarify.

[groundloop]

6. I'm pretty sure this is about the Stafford Loans.

Someone correct me if I'm wrong, but I'm under the impression that what used to be "subsidized" loans through banks are now handled directly by the government - that was in a bill that got passed a year or so ago that the repubs hated because it cut their banker friends out of the equation.

[Seeking Serenity]

3. We gotta tread carefully in criticizing the use "pay-go" use of that ACA prevention fund, though

'cause Democrats voted earlier this year to use that same fund to pay for physicians' Medicare reimbursements. And the President's own budget called for tapping use of that fund. So, as I said, tread easily.

[DippyDem]

4. GOP stupidity and war on women continues. GOP=Losers. nt

[dixiegrrrrl]

7. Locking. This is a duplicate of earlier story, found here:

http://www.democraticunderground.com/1014108349