Amid Loan Scandal, Attention Turns to College Affordability Crisis
After widespread reports of questionable practices in the student loan industry, the U.S. Congress — and, particularly, minority lawmakers — took the difficult first steps this week to refocus the debate on how best to reform the financial aid system to help low-income students.
http://diverseeducation.com/artman/publish/article_7322.shtml
May 11th, 2007 at 3:46 pm
Revamping the financial aid process and determining a students eligibility for financial assistance is long overdue. You would think that Congress during one of the reauthorization of higher educations acts would have done something about the process. Forgive me, I forgot Congress is supposed to be progressive and compassionate and not just react to the squeaky wheel. Well lets see if Congress will finally do something to enable the middle class to receive financial aid.
May 11th, 2007 at 4:09 pm
Rep. Hinojosa sponsors this bill because it would “promote education and consumer protection, since it would inform students about how much they can borrow through subsidized, lower-interest loans. Too often, he said, low-income students are steered to “pricier private loan packages” when they still can borrow more through lower-cost subsidized loans.”
Why is the Congress not looking at how to help students get through school WITHOUT borrowing so heavily at all (regardless of subsidy and interest rates)? Too many people are coming out of college more deeply in debt than if they’d bought a house - or two! It has a huge impact on the future of this country. And who benefits? The loan companies? the government? certainly not the students and their families who will pay and pay and pay for years into the future.