HOW THEY VOTED: LESSENING THE HIGHER-ED BURDEN
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The Bill: H.R. 5
Date Passed: Jan. 17, 2007; 5:35 pm
About: This bill would drop the interest rate on federally-subsidized student loans from 6.8 to 3.4 percent over five years. At a time when tuition costs continue to rise, and student reliance on loans grows, this is a welcome piece of legislation, and, like many of the bill's supporters, we hope that it is one part of a larger body of legislation to help Americans afford undergraduate education, at the very least.
In the 2003-04 school year, the average amount borrowed by undergraduate students was $5,800, according to the National Center for Education Statistics -- that's a $23,200 total if the student is lucky enough to finish in four years. And that's only for an undergraduate education. As graduate studies become more necessary to gain an edge in a hostile job market, many students are coming out saddled with student loan debt upward of 50, 60, or even 75 thousand dollars. And what for? If you go for something "useful," like engineering, finance or law, you'll likely command a high salary. But what about the people I know -- the philosophy, social work, journalism, or sociology grad students? You're looking at a lot of work, a low salary, and a difficult time paying back that loan debt.
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