Friday, July 20, 2007
Senators Side With Students
Inside Higher Ed: "The two U.S. senators who proposed an amendment to the nearly $19 billion student loan bill that was debated, and ultimately passed, on the Senate floor Thursday may have had some legitimate arguments on their side. They asserted — and some of its opponents conceded — that no one knows for sure whether the cuts that the underlying budget “budget reconciliation” legislation would make to subsidies for student loan providers could force some lenders out of the market. Rather than risk that outcome, the amendment’s backers said, wouldn’t it be wise to be a little more cautious and cut a little less deeply into lender profits, to the tune of $15.6 billion instead of $18 billion?"
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2 comments:
I rather enjoy this bill as doing much for the students and those seeking education. However, this is only a first step in what should be a longer process to explore every aspect of loans to students for educational purposes. The legislation at hand only is looking into managing the federal loans.
One of the more devastating types of loans is a private loan which I understand to be common for paying for college tuition. Some private loans are rather ruthless in their quest to have higher interest rates and try to generate unethical amounts of profit. I feel this another big step that the government should consider, and that is to regulate private loans to college students. Too many students come out of college and just get hammered when they make honest attempts to repay their loans.
Anyway, the legislation seems to be doing a fairly good job in its intentions and in what it may accomplish. However, after it goes from conference committee to Congress and the president, I worry about a veto as George Bush has much discrepancy over the bill as a whole, especially if the conference committee sticks with the same house provisions. It would be rather shameful if George Bush vetoed this bill.
Think the root here is loans, or the price of college, or the college education paradigm?
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