Democrats Quick to Help Students—Sort OfPeter Lauterbornbyline‚ Jan. 19‚ 2007In late November 2006, I wrote about how the Democrats absolutely had to use their new majority in Congress to make good on their campaign pledge to ease the financial burdens of going to college. It appears that the Democrats are following through on their promise—sort of. As part of their initial batch of legislative initiatives, the U.S. House of Representatives passed a plan which will cut the interest rate on student loans in half over five years. While this does not address grants, a flawed application process, or issues of equity, this proposal will go a long way toward supporting a better-educated and less indebted society. Currently, students pay an interest rate of 6.8 percent. Loans are open to a wide array of students, covering cross-sections of American society. The bill will only help students who graduate from university. |