Monday, August 06, 2007
An odd omission
The Daily Cal tells a funny joke (bolded by me):
The College Cost Reduction Act of 2007, recently passed by the House of Representatives, has been hailed by Rep. George Miller to "do more to help students and families pay for college than any federal effort since the 1944 GI Bill." Eighteen billion dollars will be used to cut down interest rates on federal loans, increase Pell grants and encourage students to become pursue jobs in the public sector. Best of all, it's at no extra cost to taxpayers.
So where's the money coming from? The $18 billion is being diverted from funds used to currently subsidize commercial loan companies. Opponents to the bill say the loss of funds actually hurts students. Students who come from middle class families or do not meet the qualifications for federal financial aid rely on private loan companies to help pay for college tuition. With the funds removed, less lenders will be on the market, which means less options available to students and higher interest rates. So, what makes it "best of all" is that it's not the taxpayers paying, it's the students... Which is, of course, the problem that is supposedly being solved here.
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