What ever Barack Obama may be, smart he is not. First, Obama, in all his not so infinite wisdom, nationalized the student loan business. Now Dim Won, b/k/a Obama, is moaning that student load recipients are stuck with just one lender, to wit the federal government, and must pay what ever price the government demands, from Detroit Feee Press [1]:
President Obama kicked off a week of appeals to young voters today by urging Congress to maintain the interest rate on student loans, keeping the costs of college stable.
“If Congress doesn’t act, on July 1st interest rates on some student loans will double,” Obama said in his Saturday radio address. “Nearly seven-and-a-half million students will end up owing more on their loan payments.”
In a free market, consumer s of student loans could shop for their choice of lenders, and even change lenders, refinance, if their old one got too greedy. Alas, Dumbo loathes free markets.