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Pelosi: Student Loan Bill Will Make College Education More Affordable and More Accessible
Washington, D.C. - Speaker Nancy Pelosi released the following statement today on H.R. 5, the College Student Relief Act of 2007, which cuts the interest rates on student loans and passed on the House floor by a vote of 356 to 71, with all Democrats and 124 Republicans voting for the bill:
"Today's bipartisan vote to cut the interest rate in half on federally subsidized student loans over the next five years will help make a college education more affordable and more accessible for our next generation of leaders and innovators. At a time when college tuition continues to skyrocket, this crucial legislation will help remove some of the barriers to a higher education.
"A college education is the best investment our nation's young people can make in themselves, and the best investment our nation can make in its future. Democrats will continue to work to ensure that every young person that is determined to earn a higher education is able to do so. Our young people should be driven by their dreams, not weighed down by debt."
- Iara Peng's blog
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the College Student Relief Act (H.R.5) = BAD NEWS
Most support the H.R. 5 bill without even fully understanding the bill and it's additions (Sunshine Act & Star Act). Rightfully so, since its sugar coded with, "It's going to lower your student loan interest rates"! Yes, loan rates will drop .68% every year for the next 5 yrs however, it's not an instant drop and it's ONLY on subsidized loans. Most student loan borrowers loans are unsubsidized loans, which will not be reduced at all. Also, subsidized loan rates will change right back to 6.80% once the 5yr term is over, just in time for those new graduates to become responsible for the interest on these loans. Hmm, sounds like the Govt is just giving themselves a break, not the students. Additionally, H.R. 5 and it's additions will increase the fees to FFELP lenders which will force a lot of these lenders out of the student loan industry, minimizing borrowers choices and reducing incentives only FFELP lenders give to borrowers costing student loan borrowers THOUSANDS of dollars in interest. The GOVT is trying to monopolize the industry with this bill and it's additions. THESE BILLS ARE BAD NEWS FOR STUDENT LOAN BORROWERS! If the Govt really wanted to help students they would put more money into grants and/or incentives to help lowering tuition charged by the colleges. I advise doing your online research, you'll be shocked at all the hidden things these bills are going to do to student loan borrowers. If you do not support the H.R. 5 bill, Sunshine Act, or Star Act, I recommend contacting your states senator, contact info is available at: http://www.senate.gov/general/contact_information/senators_cfm.cfm. It takes less than 60 seconds to voice your opinion.