Last week, I stopped by the big Barack Obama rally here in New York City. Looking around at the crowd, you could tell it was a young group (no doubt due the fact that the rally took place essentially in the middle of NYU). Eventually, he reached the point in his stump speech where candidates generally list off the issues they think the crowd wants to hear about, and the crowd responds with cheers. He mentioned ending the occupation of Iraq. The crowd cheered. He mentioned guaranteeing health care for all Americans (however he plans to do that). The crowd cheered a little louder. He mentioned many issues, but it was only when he said "and we will make a college education affordable for everyone!" that the crowd truly erupted in cheers.

It's hard to underestimate how important this issue is to the 18-25 demographic. Some of us may get sick and face the financial cost of our country's broken medical system, but the odds are still pretty good that we won't (knock on wood). Some of us may experience the woes of the housing market by having our rent raised or (for those intrepid enough to undertake buying a home so soon) being saddled with a high-interest mortgage, but hopefully most of us will get by. Almost everyone who goes to college, though, will face the looming burden of student debt.

I remember my halcyon days back on campus where my loans were just a number on the balance sheet for my financial aid award. But soon after they hand you your diploma, the bills start coming up. Ambiguously worded offers from Sallie Mae offering "great deals" on loan consolidation flood our mailboxes. Is there no end in sight?

Well, say what you will about the lackluster performance of the Democratic-controlled 110th Congress, but at least they managed push through a pretty decent student debt relief package. The bill, (H.R. 2669, the College Cost Reduction and Access Act of 2007) will halve the interest rates on Stafford Loans (the most popular form of federally subsidized loans). It will also increase the maximum Pell Grant (a direct disbursement available to the lowest income students) from $4,300 per year to $5,400 per year. Finally, it will forgive all the loans of borrowers who work in public service for 10 years or more. And, good news! Public service can be broadly defined as working as a teacher, for a local, state or federal government agency, or for a 501(c)(3) non-profit organization! Yes, that's right, you can have your loans forgiven if you work for a progressive non-profit. Happy days are here again.

Okay, I know things still aren't great for our generation. As Tamara Draut describes in her recent book Strapped: Why America's 20- and 30-Somethings Can't Get Ahead, we face a litany of obstacles besides just college debt, among which are stagnant or eroding wages along with skyrocketing housing and child-care costs. Decades of influence by Republicans and the conservative movement have seriously eroded the safety net that young people used to depend on to get started with their careers and families. This bill is a good start, but Congress and the next president (hint hint, guys) need to continue to pay attention to and address these issues if they want to get us back into the political scene.