Last week I commented on potential legislation that would ultimately cut in half the current interest rate on Subsidized Stafford Loans for undergraduate students (click here to read). Good news to report - yesterday (1/17/06), the House of Representatives passed the legislation (356 to 71 vote). Next step - the Senate. I'll keep you informed as things hopefully continue to progress positively ...
If you are interested in reading more about this piece of legislation, or about the expected reintroduction of the Student Debt Relief Act (which proposes to: cut student loan rates, increase Pell Grant Assistance, cap student loan payments, and provide loan forgiveness options to individuals in public service areas). Here are some helpful resources:
- National Association of Student Financial Aid Administrators
- Student Debt Relief Act Press Release