Hole in the Wall
Loans at the Lege
RECEIVED Tue., Feb. 28, 2023
Dear Editor,
The fact that Texas legislators like Ted Cruz are opposing student loan cancellation makes no sense. The state is crushed under $141 billion in mostly federal debt, most of the people with these loans are either Republican or Independent, and the lending system is truly the most predatory, big-government loan scam in US history. Nearly $10 billion/year in interest alone on this debt is leaving the state every year, accruing to the Department of Education. For loans that LBJ, in 1965, declared would be "free of interest.” This cannot continue. The least that Sen. Cruz and other Texas legislators could do is return constitutional bankruptcy rights to the loans. But at this late date, frankly, the loans should be canceled, and the entire program scrapped.
The fact that Texas legislators like Ted Cruz are opposing student loan cancellation makes no sense. The state is crushed under $141 billion in mostly federal debt, most of the people with these loans are either Republican or Independent, and the lending system is truly the most predatory, big-government loan scam in US history. Nearly $10 billion/year in interest alone on this debt is leaving the state every year, accruing to the Department of Education. For loans that LBJ, in 1965, declared would be "free of interest.” This cannot continue. The least that Sen. Cruz and other Texas legislators could do is return constitutional bankruptcy rights to the loans. But at this late date, frankly, the loans should be canceled, and the entire program scrapped.
Jacque Abron