Students, Brace Yourselves
The Nation -- In February, Congress passed the largest cut ever in student aid. Slashing $12 billion from federal assistance programs-- most of which will go back to the richest Americans in tax breaks-- Congress dramatically boosted interest rates on loans.
The average loan-taker already owes $17,500. Starting tomorrow, when the new interest rates go into effect, students will be paying approximately 20% more than they already do. More than 400,000 students each year forgo attending a four-year college due to the cost crunch. We can expect this number to skyrocket in the coming year.
It is difficult to fathom the stupidity and shortsightedness of making college more unaffordable, given the current global economic climate. Could the Republicans make it any easier for China and India to gain an edge?
College unaffordability, as I've said before, is the great injustice facing America's young people today. In fact, I would argue that high tuition costs and the insurmountable debt that follows is perhaps the single largest factor contributing to the dearth of a youth political culture in this country.
When you're mired in debt, it's nearly impossible to think about anything beyond your immediate concerns. Who can attend a protest or lobby on Capitol Hill when you've got to work three jobs to pay off loans? Moreover, who can afford to work at a non-profit, or as a teacher? Debt kills dreams; college costs are abolishing idealism.
Sen. Dick Durbin (D-Ill) and Rep. George Miller (news, bio, voting record) (D-CA) are pushing the Reverse the Raid on Student Aid Act, which would cut interest rates on college loans in half and save borrowing families thousands of dollars. (You can see how much you'd personally save if their bill is passed here.) The best hope students have of saving money, in the short term, is to consolidate their loans at fixed rates immediately.
It's time to recognize that college unaffordability is more than a problem-- it's a crisis. There ought to be bi-partisan support for making college more affordable. All Americans, it would seem, can agree that college costs are beyond unacceptable. There's little doubt, however, that the Republicans will refuse to come around on this one.
Yet another reason for young people to turn out in droves for the '06 midterms. |
