Congress' Education Proposals

Like most of America, I typically don’t have much praise for Congress. However, in the last several days Congress may actually be getting something correct on the domestic front. Both the House and the Senate have set in motion Bills that will aid thousands, perhaps millions, of Americans seeking higher education.

According to the Associated Press, over the last 10 years, interest rates on student loans have risen considerably. And just within the last 2 years, interest rates on student loans have increased so dramatically that the amount that some borrowers will (eventually) have to pay back has doubled. In short, the gift of education has become increasingly less affordable for many across the country.

The major focus of the House Bill is to cap the monthly payments for low income borrowers; a practice that has been adopted in other industrialized nations like Great Britain. Hopefully this will also ebb the number of people who don’t pursue degrees due to the fear of high monthly payments, a reality that has been cited as a cause for the loss of interest in low paying (but necessary) service jobs.

The Senate Bill, which was approved unanimously (95-0), targets the actual student loan industry. The Bill bans gifts by loan companies, like Sallie Mae, to public institutions; a move that should prevent specific loan companies from getting preferential treatment on lender lists. That move should help keep the focus on the best interests of each individual student as opposed to focusing on the financial benefit to a school from a particular lender. Also, the Senate Bill aims to make the Free Application for Federal Student Aid (FAFSA) clearer and concise, hopefully leading to fewer costly student mistakes on the application.

During the last few Congresses, and certainly during this current President’s administration, there has been far too little emphasis on domestic issues such as Education, Health Care, Housing and Urban Development. So it is nice to finally see a very significant Bill be brought to the table that actually benefits those of us who live here in this country—a concept that seems to have been lost since the start of our “global war on terror.”

I will have to do further research to better understand the specifics of these proposed legislative moves and all of their ramifications, but I am least glad to see that the legislative branch of our government actually remembered us for a change.

This legislation, along with a recent bolster to the Pell Grant, are certainly positive steps toward helping many people attain that great and powerful gift of education.

-Maelstrom