Low-Interest Education Loans Are a Temptation to Destruction

    Education Week says, "Senate Leaders Say They Have Student Loan Deal.
WASHINGTON (AP) — The Senate's top Democrat and Republican said Tuesday that they've reached a deal that would prevent interest rates on college loans from doubling beginning this weekend for millions of students. But House Speaker John Boehner, R-Ohio, has yet to decide whether the pact will be acceptable to his Republican-run chamber."
    Bad move. Only John Boehner may be on the right track. We have already too many young people with college degrees who can't find jobs. They are also burdened with tremendous debt and little hope of repayment using the low interest loan rates previously in effect. I liken this to the housing bubble, where everybody could buy a house with a smile. They subsequently couldn't pay and the whole thing collapsed.
    It's never a good idea to tell people to do something because it's cheap. Look first for a good program and then decide whether you can afford it.