Congressional Democrats work to fix student loan system

For those who don't think there are differences between the two parties, I give you this:

Less than a year and a half after the then-Republican-controlled Congress raided student financial aid, the new Congress, controlled by Democrats, is working diligently to reverse the raid:

Democrats in Congress are working on sweeping changes to the student loan system, with legislation approved by both the Senate and House education committees that would cut federal subsidies to lending companies by as much as $19 billion, channel most of those savings to student aid, and ease repayment rules for borrowers.

The Senate measure would boost the maximum Pell grant, the nation's main aid program for low-income students, from $4,300 to $5,400 a year. The House measure calls for a smaller grant increase but would cut in half the interest rates on federally backed student loans, to 3.4 percent.

Lobbyists for the student loan industry attacked the legislation, saying that it might force some lending companies out of business. But supporters say that this legislation will aid those who need it most--the students.

Rep. George Miller (D-CA), chair of the House Education Committee, called it, "the biggest single investment in college financial aid since the GI Bill."
As someone who relies on student aid, I applaud Rep. Miller and all of those working diligently on behalf of students across the nation.

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