While tuition and loan interest rates have illustrated a rising trend, federal and state contributions to higher education have remained relatively stagnant, according a CSU study. And the state of Colorado remains one of the worst with respect to funding of higher education.
So it may come as little surprise for students who have applied for loan after loan, accruing debt after graduation, that some officials think it’s time to do something about it. In fact, for those students who have schmoozed repeatedly for loan cosigners, donated plasma on a regular basis and implemented hair-brained, get-rich-quick schemes just to pay tuition, it’s about time.
After a victorious election year, Democrats, driven by campaign promises to address higher education funding, have proposed a bill they say will make college more affordable – by cutting loan interest rates in half over the next five years.
But Republicans argue that the bill proposal does not adequately address the issue of higher education funding, saying the problem lies in tuition increases.
While there is not doubt that the problem does lie in tuition increases, a bill that aims to save beginning students who accept a Stafford loan an average $4,420 by 2011 is a step in the right direction – not too shabby considering that’s about the cost of one year’s in-state tuition.
Let’s cross our fingers that Congresswoman Musgrave agrees.