Bill would increase aid to students
College Cost Reduction, Access Act expected to pass soon
Nathaniel Shuda
Issue date: 9/17/07 Section: Campus News
Sensenbrenner's office did not return a phone message Friday afternoon from The Spectator.
Kind said Congress intends to fully fund the program by cutting a total of $20.9 billion in subsidies over five years to private lenders, such as banks and other companies, that offer federally guaranteed Stafford loans.
"We wanted to operate under pay-as-you-go budgeting," Kind said. "The goal is about helping students, not banks … it's a tremendous benefit to students of college age."
Many Republicans however are concerned about what this means for financial institutions around the country, adding that universities should focus their efforts on lowering tuition.
"Colleges need to be more accountable for their tuition costs, and student borrowers need more freedom in deciding who will be their loan providers," Ryan said in a press release. "By demanding accountability and transparency in higher education, we can begin to control costs and open the doors to higher education for more people."
Thibodeau disagreed.
"I'm not really concerned about how much money rich people and banks are making," Thibodeau said. "It would be nice if they lowered tuition, but the more they put into financial aid, the more it would help those in lower-class homes."
Kind said he hopes this increase in federal assistance will help alleviate the stress Wisconsin students feel when going to the cashier's office.
"When we look here in Wisconsin in particular, you have state financial (aid) going down," Kind said, explaining the average student debt upon graduation is close to $18,000. "That's a huge hole for students to try to climb out of."
"It's time to reinvest ... in this next generation so they continue the forward progress of our nation."
Kind said Congress intends to fully fund the program by cutting a total of $20.9 billion in subsidies over five years to private lenders, such as banks and other companies, that offer federally guaranteed Stafford loans.
"We wanted to operate under pay-as-you-go budgeting," Kind said. "The goal is about helping students, not banks … it's a tremendous benefit to students of college age."
Many Republicans however are concerned about what this means for financial institutions around the country, adding that universities should focus their efforts on lowering tuition.
"Colleges need to be more accountable for their tuition costs, and student borrowers need more freedom in deciding who will be their loan providers," Ryan said in a press release. "By demanding accountability and transparency in higher education, we can begin to control costs and open the doors to higher education for more people."
Thibodeau disagreed.
"I'm not really concerned about how much money rich people and banks are making," Thibodeau said. "It would be nice if they lowered tuition, but the more they put into financial aid, the more it would help those in lower-class homes."
Kind said he hopes this increase in federal assistance will help alleviate the stress Wisconsin students feel when going to the cashier's office.
"When we look here in Wisconsin in particular, you have state financial (aid) going down," Kind said, explaining the average student debt upon graduation is close to $18,000. "That's a huge hole for students to try to climb out of."
"It's time to reinvest ... in this next generation so they continue the forward progress of our nation."
Be the first to comment on this story