What ever happened to the Dem proposal to lower student loan interest rates?

[pegleg]

I remember tqalk of it last year but haven't heard much since then.

[TomInTib]

1. The mortgage fiasco is what happened.

Student loans have become very difficult to get, now.

And you can completely forget about lower rates.

[Donnachaidh]

2. it's in the folder with universal healthcare

Tucked in the trunk of Nancy Pelosi's mercedes (or whatever the hell WE'RE paying for her to drive around Washington in). :sarcasm:

[Canuckistanian]

6. She's using it to prop up a shaky table

It's gone. Let it go.

Pelosi is a disaster on all fronts.

[Divernan]

3. Obama's proposal re college costs:

Obama's proposal re college costs:
From the Issues section of www.mybarackobama.com

(I just included the higher ed. portion. He has great analysis of problems and proposed solutions for all level of American education.)

The Problem:
Soaring College Costs: College costs have grown nearly 40 percent in the past five years. The average graduate leaves college with over $19,000 in debt. And between 2001 and 2010, 2 million academically qualified students will not go to college because they cannot afford it. Finally, our complicated maze of tax credits and applications leaves too many students unaware of financial aid available to them.

Barack Obama's Plan

Create the American Opportunity Tax Credit: Obama will make college affordable for all Americans by creating a new American Opportunity Tax Credit. This universal and fully refundable credit will ensure that the first $4,000 of a college education is completely free for most Americans, and will cover two-thirds the cost of tuition at the average public college or university and make community college tuition completely free for most students. Obama will also ensure that the tax credit is available to families at the time of enrollment by using prior year's tax data to deliver the credit when tuition is due.
Simplify the Application Process for Financial Aid: Obama will streamline the financial aid process by eliminating the current federal financial aid application and enabling families to apply simply by checking a box on their tax form, authorizing their tax information to be used, and eliminating the need for a separate application.
Barack Obama's Record
Record of Advocacy: Obama has been a leader on educational issues throughout his career. In the Illinois State Senate, Obama was a leader on early childhood education, helping create the state's Early Learning Council. In the U.S. Senate, Obama has been a leader in working to make college more affordable. His very first bill sought to increase the maximum Pell Grant award to $5,100. As a member of the Health, Education, Labor, and Pensions committee, Obama helped pass legislation to achieve that goal in the recent improvements to the Higher Education Act. Obama has also introduced legislation to create Teacher Residency Programs and to increase federal support for summer learning opportunities.

For More Information about Barack's Plan
Read the Pre-K to 12 Plan
Read the College Affordability Plan
Speech on Pre-K to 12 Education
Speech on College Affordability

[Jane Austin]

4. I recall that they did that

early on.

Anybody else remember it?

[maddezmom]

5. the latest I could find: U.S. House Backs Bill to Avert Student Loan Crunch (Update2)

U.S. House Backs Bill to Avert Student Loan Crunch (Update2)

By Christopher Stern

April 17 (Bloomberg) -- The Department of Education could buy federally guaranteed student loans that lenders can't sell to investors under a measure the U.S. House of Representatives approved to help avert a shortage of funds to cover college costs.

The action is intended to address a crisis in the market that has forced Citigroup Inc.'s Student Loan Corp., SLM Corp. and about 50 other lenders to stop writing some forms of student loans. The companies cite increased borrowing costs, cuts in government subsidies for education loans and a lack of investor interest in securities backed by loans.

Without government action, demand for federally backed student loans would outstrip supply, industry officials said. About 7 million borrowers will need more than $68 billion in federal loans this academic year, according to Education Department estimates.

The legislation would ``ensure America's families can continue to access the federal college loans they are eligible for regardless of what is happening in the credit markets,'' said Democratic Representative George Miller of California, chairman of the House education panel. The legislation approved today also would increase the amount students could borrow.

more:http://www.bloomberg.com/apps/news?pid=20601087&sid=ayXixvjmdNic&refer=home

[LiberalEsto]

7. Gouging

My daughter's monthly loan payment just went up by $12. When Great Lakes sent us the new payment coupon book, it said the loan's variable interest rate had gone up.

We called to find out why the interest rate was raised, when interest rates have been dropping.

They couldn't answer me immediately. After being put on hold for a short while, the customer service person came back and claimed the interest rate was higher at the time the new monthly payment was being calculated, resulting in the higher payment.

Since interest rates have been low for months, I can't quite buy this. Something is wrong. I think they are gouging us.