Congress Screws Students-- By An Overwhelming Margin

Wednesday the House overwhelmingly passed the patently unfair student loan amendment the Senate cobbled together. The Senate version sailed through the House 392-31, the only opposition coming from 25 progressive Democrats who wanted to see students get a fair break and 6 crackpot Republicans who oppose education on principle-- lunatic fringe characters Paul Broun (R-John Birch Society), Tom Cotton (R-AR), Louie Gohmert (R-TX), Mark Sanford (R-SC), Marlin Stutzman (R-IN) and Lynn Westmoreland (R-GA).

Although the YES vote side was wrong-- since it trades immediate amelioration for today's students against huge increases for students a couple years from now-- lots of excellent Members voted or it. Donna Edwards (D-MD) explained why she voted YES:

"The compromise reached in the U.S. Senate and passed by the House helps hardworking students and families, reduces rates on all new loans this year, and will save undergraduates an average of $1,500 on the lifetime of their loans. While this is by no means a perfect bill, it is critical that the Congress took an important, and long-overdue, step to help restore student loan security for 11 million Americans.

"It is also critical that we find a long-term solution to student loan debt that does not cripple future generations of students and parents. It is unfortunate that we did not use this opportunity to invest in our students without costing them millions of dollars of debt. In order to accomplish these goals, this compromise will need to be revisited.”

"My decision to attend Wake Forest University then law school came at a cost of $100,000, a quarter of that was a result of interest and service fees. I understand personally that we need a short- and long-term solution to ensure college affordability.  But it is irresponsible, at a time when a college education is more important and expensive than ever, to expose students and parents to more uncertainty or greater financial burden."

Keith Ellison, who voted against the bill, explained why a handful of progressives like himself did. He got it right:

"The Student Loan Certainty Act that passed the House today provides much-needed relief for current college students who saw interest rates on their federal loans double on July 1st. I commend my colleagues who worked hard to achieve this compromise. This bill will help Minnesota’s students who will attend college in the fall, 70% of whom rely on federal student loans.

"However, I voted against the bill because it increases the cost of higher education for future students-- at a time when college tuition continues to rise and the vast majority of families are struggling with stagnant incomes.  The ‘fix’ in the plan means interest rates on student loans could reach 8.5% in the next five years, much higher than the current rate.

"We have a severe college affordability problem in America. Wages are stagnant and the cost of higher education increases every year. The Student Loan Certainty Act makes it harder for future students to get into a college classroom.

"We are undercutting the future opportunities of America’s children and compromising our economic vitality with the bill passed today. The Congress should revisit this issue and pass legislation that puts college within reach for all students, regardless of their economic circumstances."