How are Democrats working to make college more affordable?
Earlier this year, the Republican-led Congress cut $12 billion out of the federal student aid programs in order to help finance tax breaks for the wealthiest Americans. As a result of this Republican Raid on Student Aid, college is even further out of reach for millions of American students and their families. I strongly opposed these cuts and voted against the Republican bill. In contrast, Democrats continue to work to make college more affordable. I am a cosponsor of legislation introduced by House Democrats, the Reverse the Raid on Student Aid Act (H.R. 5150), that would cut interest rates in half from 6.8 percent to 3.4 percent, for students with subsidized loans – which go to students with the most financial need – and from 8.5 percent to 4.25 percent for parent borrowers, starting in July 2006.* Under H.R. 5150, the typical undergraduate student borrower with $17,500 in student loan debt would save $5,600 over the life of his or her federal college loans.
