One hundred and twenty five thousand dollars is enough money to buy a small house, several nice cars, or a couple of boats. It is also the amount of money some students will soon have to pay back due to loans.
"I'm just hoping it doesn't take me the rest of my life to pay these [loans] back," engineering psychics senior Jody Bringhurst said.
Cases such as Bringhurst's, which is not uncommon, is exacerbated by the high subsidies private banks earn off of such student loans.
However, the Senate is currently voting on a bill that could help ensure that banks are not lining their pockets with the profit off of high-interest student loans.
The Student Aid and Financial Responsibility Act would save $87 billion over ten years by getting rid of excessive subsidies to banks, according to the LATimes.com article. This money would then be used to provide more pell-grants to low-income students.
Representatives in Oklahoma, however, are not convinced that this new bill will help students or the economy. One such representative is Tom Cole, who voted "no" on the bill in favor of making reforms in college programs themselves.
"I believe we as lawmakers have a unique opportunity to make college more affordable and accessible to students," Cole said.
The bill has already been passed through the House and is expected to pass through the Senate in the coming weeks.
A student waits outside of Financial Services to hear the verdict on the future of his loans, education, and debt.
Photo by Karlie Tipton
No comments:
Post a Comment