Politics Magazine

Is Race A Factor In GOP Blocking Student Loan Relief ?

Posted on the 20 September 2014 by Jobsanger
Is Race A Factor In GOP Blocking Student Loan Relief ?
Is Race A Factor In GOP Blocking Student Loan Relief ?
I would like to think that race is not a factor in loan debt relief for college students, but the GOP has made it clear that much of their party's policies, especially since the election of President Obama, is decided by the large racist element in their party (commonly called the "tea party"). These teabaggers like the idea that their party is primarily made up of Whites, and they have made sure their elected representatives don't vote for racial or ethnic parity.
It only makes sense then that these same racial views might be affecting the GOP's opposition to letting college students refinance their loans at a lower rate -- especially when you look at the charts above. Those charts show that, while a growing percentage of both Whites and Blacks are finding college unaffordable with loans, both historically and currently Blacks need those loans more than Whites (and usually need bigger loans than Whites).
Traditionally, education has been a great equalizer in the United States. Both poor people and minorities have been able to use education to climb the economic ladder to better themselves and their children. But that only works when those people can afford to get that education -- and get it without incurring an enormous debt. Unfortunately, that is no longer true for too many Americans -- and it affects Blacks more than it does Whites (and the poor and working class more than the rich or upper middle class).
We could partially solve this problem by lowering the interest rates on education loans, and letting those with those loans refinance them at the lower rate. But the Republicans have blocked that. They have done it to protect the exorbitant profits of Wall Street banks -- but after looking at these numbers, I have to wonder if there is not also a racial element to their action. Is this just one more way to preserve power for rich Whites?
The charts above were made from a recent Gallup Poll. That survey was done between February 4th and March 7th of a random sample of 29,560 adults with a Bachelor's degree or more. The survey has a 1 point margin of error because of the large sample.

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