Singing the last words to the Star Spangled Banner this 4th of July seemed a little hypocritical. After failing to reach an agreement on a comprehensive bill, our national leaders allowed interest rates on subsidized student loans to double last week, making it even more difficult for students to afford a college education.
If America hopes to continue being the "land of opportunity," rising costs for college students must be addressed. The skyrocketing cost of a higher education forces students to depend on loans. Allowing interest rates to rise from 3.4 percent to 6.8 percent, as Congress did on July 1, only sees our future ensconced in more debt—about $1,000 more per student, per loan.
It's hardly the American Dream our Founding Fathers envisioned.
But hope remains for a return to lower interest rates. The Keep Student Loans Affordable Act of 2013 (S.1238), awaiting congressional vote tomorrow—July 10—would ensure interest rates return to 3.4 percent for the next year, giving Congress time to reform the federal student loan program as part of the reauthorization of the Higher Education Act.
The Act presents a short-term solution that is fiscally responsible and beneficial to students. On the technical side, the bill would be fully funded by placing a five-year cap on the amount of time heirs of IRAs and 401(k) plans can delay paying taxes on their inheritance. Closing the tax loophole would provide the financing needed to allow Congress to restore student loan interest rates to 3.4 percent without increasing our national debt.
Tomorrow, let's hope members of Congress unite to pass the Keep Student Loans Affordable Act of 2013, so that all students have a real chance at pursuing their dreams.
Related stories on TakePart:
http://news.yahoo.com/still-chance-keep-student-loans-affordable-174900667.html
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