The House of Representatives recently passed a bill reducing federal subsidies to student lenders by $19 billion in addition to increasing grants for low-income students. The bill, if passed by the Senate, would also decrease the interest rates on federally backed loans by 50 percent.
With the waning accessibility of higher education over the past few years, this bill is an important and necessary step in allowing lower-income students to pursue degrees, but the conflict will not be completely resolved even if the Senate does approve these new regulations.
For instance, the bill does not do enough for middle-class students, who do not have a low enough income to warrant receiving federal aid, nor enough money to pay for four-years of college while being able to afford basic living accommodations.
The lowered interest rates would not apply to federally unsubsidized loans, such as the Stafford loans that many students are receiving. Federal officials needs to address the growing epidemic of middle-class students lacking the funds to comfortably afford higher education if they are doing so for the lower-income students.
President Bush, though, is less in favor of the bill and has threatened to veto in part because it includes a section about a loan-forgiveness of $5,000 for students who wish to enter a career in fire-fighting, law enforcement or other public service jobs.
These students would be released from all loan payments if they serve for more than 10 years. The bill would also release students from the loan contract after 20 years of economic hardship.
This bill comes at a time of turmoil in regards to higher education. Earlier this year, the federal government came under fire when it was revealed that college officials were accepting gifts from loan companies.
Though the federal government is taking some of the necessary steps to help the student population, it may not be enough when university systems, including the University of California, increase student fees and the cost of living and textbooks also continually rise.
But before we blame outside circumstances for our financial oppression, students also need to take some responsibility for the passive stance we have in regards to the rising cost of higher education.
Students must take action and not just leave change up to the red-tape bureaucracy that is the foundation of our federal and academic system. We are too prone to accepting the expensive hand we have been dealt.
There are problems in the American education system, and a significant one is the insufficient funding of higher education.
Both houses need to approve this bill after reconciling their differences on the specifics, as well as take additional measures to aid students in their pursuit of knowledge by increasing money across the board rather than just shuffling it around so it appears improved.
University systems across the nation need to address student concerns about the rising expense of college, which is deterring the population from higher education.
Simultaneously, students need to assert their right to higher education, experiencing the college life, and cultivating knowledge without wondering where their next meal is coming from.