Good news? and educational loans? BWA?
Hey there, I'm not in charge of blogging things like this, and ideally Holly will grace this post with her infinite politics + college wisdom.
The point is, the House just voted to decrease the interest rate on certain student loans. Here is some italicized text from MsMagazine.com, because my mom told me about this so I google newsed it:
The US House of Representatives voted yesterday to reduce interest rates for student borrowers. The College Student Relief Act of 2007 passed yesterday in a vote of 356 to 71. All of the Democrats and 124 Republicans voted in favor of the bill, which will apply to the 5.5 million Stafford loans given to students whose families earn between $26,000 and $68,000 per year. The bill establishes gradual reductions in the interest rate over a five-year period, bringing the rate down from 6.8 percent to 3.4 percent. The US Public Interest Research Group estimates that, under the new act, the average student would save about $2,300 in interest payments on a 15-year loan.
5 comments:
I did see this. I approve of the sentiment, but am kinda unhappy about the lack of action taken to help current debtees.
Nonetheless, good job, Marianna!
...so, should those of us with Stafford loans *not* be excited then?
This was just the first step in an overall effort to make college more affordable in the 110th Congress. US PIRG is working in phases and hopefully soon all college students (and those who just graduated) will see some relief!
you can check out more at www.uspirg.org
Note that student loan rates are being cut over 5 years. The 3.4% rates will certainly benefit your younger siblings...
What I found funny were all the Congressional Republicans (who raised the freaking rates in the first place) who today attacked the Dems for not doing enough for student aid. Hypocrites? In the Republican Party?
I still think that this is treating a symptom, rather than the real issue behind the balooning cost of college.
There's more here.
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