Perkins Loans are “low-interest loans to help needy students finance the costs of postsecondary education.” They are serviced by colleges. One really cool thing that’s happening right now is that some colleges are suing students who are in default on their Perkins loans, because they need them to pay that loan back so that they can lend out that money to more students who let’s face it they may then … sue to get them to pay that loan back.
Here’s a quote from a disgusting person interviewed for the article:
“Students who take these loans have an obligation to pay them back, said Neal McCluskey an associate director at the Cato Institute in Washington. ‘You could take a job at Subway or wherever to pay the bills and that’s something you need to do if you have agreed in taking a loan to pay it back,’ McCluskey said. ‘It seems like basic responsibility to me.’”
The Cato Institute was founded by Charles Koch, FYI, and has, according to the New York Times, “successfully injected its views into Washington policy and political debates, and given them mainstream respectability.” OH GREAT.
So, counterpoint for a second. Here’s one reason why a person might not be falling over himself to pay back a relatively small ($5,000! Relatively small!) low-interest loan:
“Graff, 30, said he hasn’t been able to find a full-time job. He earns $800 a month from teaching high-school equivalency courses and restores basements for extra money. He said he is trying to pay off other student loans first because they were co-signed by his parents.”
Why would he want to do that? Oh, just maybe because if those go into default and his parents own a house they might lose that house?
Sarcasm is among the lowest forms of comedy and also outrage, but I’m hitting my head against this desk and have nothing more for you right now. Goodbye.