Rangel made the comments while discussing the interest increase on certain federal student loans in a video on a political social media website.
“In the long run, it would seem to me, that we shouldn’t even be charging our young people to go to school because ultimately our country and our treasury is the beneficiary,” Rangel says.
Interest rates on federally subsidized Stafford student loans doubled from 3.4 to 6.8 percent on July 1st, after Democrats and Republicans failed to reach a deal to keep rates down.
Rangel says making students pay off their college loans is unfair.
“The whole idea that they have to borrow money and be indebted for years after their graduation is repugnant to the idea that we should be encouraging – not providing deterrents – for our kids.”