Saturday, April 28, 2012

Double Your Rate vs. Voting For Obama

A tweet yesterday caught my attention:

AG_Conservative

It got me to thinking. What would be the effect of doubling the typical college student’s loan rate, vs. voting for Obama?

The typical college loan is for about $25,000. The extra interest accrued over the course of the loan at 6.8% vs. 3.4% is $4,998. Obama has added $15,943.93 of new debt per citizen.

Or, since I hear I’m supposed to make pretty pictures, here it is (click for full size).

DontDoubleMyRate

The left column is how much extra the student will pay for her loan at 6.8%. The right column is how much more the student owes because Barack Obama (D-USA) was elected President.

Of course, it’s actually much worse. Obama has no intention of ever paying off this debt, so the student is going to pay far far more than $16,000 over the course of her life.

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