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October 28, 2005

Student loan debt will likely increase under new federal law

Student loans will be harder to get under proposed budget reconciliation plan that is being discussed in Washington

Both the House of Representatives and the Senate have looked for ways tor reduce the federal budget deficit. The couple proposals under review, recommend $15 billion in cuts. And student loans will be the biggest losers shall either proposal become a law. Student loan debt has become major hurdle for some graduates preventing them from buying homes, cars, having babies and spending money otherwise.

Last week, the Senate educational committee passed a bill to cut $15 billion from various governmental aid programs. About $9 billion in savings will be somehow tunnelled toward other forms of student debt assistance.

Once again, why wouldn't our government look at some other ways for reducing deficit and assisting hurricane victims? At least few things come to mind ...

Posted in Student Loans at October 28, 2005 01:09 PM

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