A tweet yesterday caught my attention:
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).
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.