The House of Representatives passed a bill this week that will cut the interest rate on Stafford student loans from 6.8 percent to 3.4 percent. The interest rate will be cut gradually and, unforunately for current AU students, will not fully take effect until mid-2011. The average student would save $13,800 in debt.
The bill still requires approval by the Senate and President Bush. Unfortunately, the White House released a statement indicating that the president does not support the bill. The statement did not indicate whether or not the president intended to veto the bill.
America is home to some of the best, and most expensive, institutions of higher education in the world. Even if politicans - like President Bush - claim to not care about their popularity with the American people, it seems like politicans from all parties could rally around measures designed to cut barriers to higher education.
In light of the recent Democratic takeover of Congress, the president's reactions seem more like those of a spoiled child who is finally being told "no" than a mature world leader.
Do the right thing, Mr. President, and don't send another generation of college students into the working world in crushing debt.
