ONTD Political

Rep. Virginia Foxx On People With Student Loans: ‘I Have Very Little Tolerance’ For Them

8:06 am - 04/16/2012
Rep. Virginia Foxx On People With Student Loans: ‘I Have Very Little Tolerance’ For Them

Rep. Virginia Foxx (R-NC) took on a unique enemy during a radio interview yesterday: people with student loans.

Though many politicians sympathize with those who are saddled with exorbitant student debt, Foxx, who chairs the House subcommittee on higher education, had a different take. Appearing on G. Gordon Liddy’s radio show, the North Carolina congresswoman recounted her own experience paying for college, where she worked her way through and graduated after seven years. Foxx then pointed to her own experience as justification for why she has “very little tolerance for people who tell me that they graduate with $200,000 of debt or even $80,000 of debt.” “There’s no reason for that,” she concluded:

FOXX: I went through school, I worked my way through, it took me seven years, I never borrowed a dime of money. He borrowed a little bit because we both were totally on our own when we went to college, totally. [...] I have very little tolerance for people who tell me that they graduate with $200,000 of debt or even $80,000 of debt because there’s no reason for that. We live in an opportunity society and people are forgetting that. I remind folks all the time that the Declaration of Independence says “life, liberty, and the pursuit of happiness.” You don’t have it dumped in your lap.

Listen to it:


Despite Foxx’s implication, these loans are not taken out frivolously. They are taken out because of the soaring cost of college. In other words, because the price of college is so high — and House Republicans are working overtime to cut Pell grants for one million low-income students — the amount of loans required to pay for it is also high. Indeed, student loan debt topped one trillion dollars last year, orders of magnitude larger than in the decades prior.

Still, Foxx’s distaste for large loans does not appear to extend to the mortgage sector. In Foxx’s 2010 financial disclosure statement, she owned two individual mortgage notes worth up to $250,000 each, from which she earned as much as $20,000 in payments.
perthro 16th-Apr-2012 01:26 am (UTC)
One of my fave. classes is $2k per semester. No joke.

I was looking at an 8 year degree. ::le sigh::

In a way, I'm glad I didn't go to college. Before I left him, I pushed my ex into locking in his deferral interest rates as best as he could on his school debts. He was at something like a 25% interest rate- BEFORE the rate hike of five years ago. His interest WOULD have gone up to nearly 38%. Would have been cheaper to put it on a no-interest credit card for a year!
This page was loaded May 23rd 2015, 2:56 pm GMT.