Senate Vote To Raise Student Loan Amount For Low Income

Posted on July 20, 2007
Filed Under Student Loan News |

The U.S. Senate approved a bill on July 20, 2007 to boost student loans to low income students.  The increase will mean low income students will receive $5400 by the year 2011. They currently receive $4310.

The Senate is also considering another Bill that will make it easier to receive government backed student loans. The Bill is up for debate next week.

Congress has refused to cut the interest rates on federal Student loans  though. Big surprise! They could have helped many cash strapped professionals trying to get started in life by reducing the interest rates on student loans.

On the House side of Congress, the House has passed a bill to help increase funds given to Pell Grant students. This bill has yet to make it’s way to the Senate, however some Democrats are suggesting it will not pass.

The nice thing about both of these bills is that they will “forgive” student loans after 10 years of payment if the recipient goes into public service. Geez, that’s awful nice of them. I hope no one pays on their student loan for 10 years. That would mean you spent a sh*tload of money you didn’t have to get an education so you can get a job that doesn’t pay you enough to pay back your student loan in a reasonable amount of time.

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