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TechnographBill may leave students loan-less
By Christine Won
Posted: 11/10/05 Section: News
The House of Representatives will vote on its reconciliation bill, which proposes to reduce federal spending by $54 billion.
If passed, the largest portion of federal savings, $14.3 billion, will come from federally subsidized student loan programs, said Christine Lindstrom, State Public Interest Research Group's Higher Education Project director.
"This is the largest raid on student aid in the history of American higher education," said Luke Swarthout, associate of State Public Interest Research Group's Higher Education Project.
Students can have a significant impact on this political process, said Jasmine Harris, legislative director of the United States Student Association, in an online chat about potential cuts to student aid on CPNewsLink.com on Wednesday.
"Students have been instrumental in voicing their concerns and raising awareness around the country about these proposed cuts," Harris said. "Congress originally planned to take action in mid-September, but the response of students and concerned students toward these cuts have delayed Congressional action."
Last week the Senate passed S. 1932, the Deficit Reduction Omnibus Reconciliation Act of 2005 by a 52 to 47 vote. It proposed a $39 billion budget cut over five years, in which $9.7 billion would be cut from student loan programs.
"The House's version of the reconciliation bill on the floor on Thursday is much worse than the bill the Senate passed," Lindstrom said. "It takes a lot more money from the students."
The average student borrower is already $17,500 in student loan debt. With the proposed budget cuts, the average college student borrower would pay an additional amount of up to $5,800 in interest payments, Swarthout said.
"It's critical that Congressman Johnson hear from students of Champaign-Urbana that he cannot cut student loan programs," Lindstrom said. "It's important for Congress to know that students all over the country are watching."
If passed, the largest portion of federal savings, $14.3 billion, will come from federally subsidized student loan programs, said Christine Lindstrom, State Public Interest Research Group's Higher Education Project director.
"This is the largest raid on student aid in the history of American higher education," said Luke Swarthout, associate of State Public Interest Research Group's Higher Education Project.
Students can have a significant impact on this political process, said Jasmine Harris, legislative director of the United States Student Association, in an online chat about potential cuts to student aid on CPNewsLink.com on Wednesday.
"Students have been instrumental in voicing their concerns and raising awareness around the country about these proposed cuts," Harris said. "Congress originally planned to take action in mid-September, but the response of students and concerned students toward these cuts have delayed Congressional action."
Last week the Senate passed S. 1932, the Deficit Reduction Omnibus Reconciliation Act of 2005 by a 52 to 47 vote. It proposed a $39 billion budget cut over five years, in which $9.7 billion would be cut from student loan programs.
"The House's version of the reconciliation bill on the floor on Thursday is much worse than the bill the Senate passed," Lindstrom said. "It takes a lot more money from the students."
The average student borrower is already $17,500 in student loan debt. With the proposed budget cuts, the average college student borrower would pay an additional amount of up to $5,800 in interest payments, Swarthout said.
"It's critical that Congressman Johnson hear from students of Champaign-Urbana that he cannot cut student loan programs," Lindstrom said. "It's important for Congress to know that students all over the country are watching."
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