Friday, September 18, 2009

Government Takes Over Student Loans

Another power grab by the Federal Government. The House passed a bill which eliminates all lending from the bank-based Family Federal Education Loan Program. The banking industry claims this will result in the loss of banking jobs. Maybe so. But there are cost savings in the bill which could effect us locally.

Increasing Pell grants so more students can afford college

Increasing Perkins loans so more low income students can afford college

Greatly increasing funds to support community colleges

Money to repair and renovate schools and colleges

More money for early childhood education

Republicans say this is job-killing legislation. I don't see it. Increasing the number of students attending college means more faculty and support positions are created. Increasing money to repair and renovate schools and colleges means more construction jobs. Increasing grant funds to college students means a better trained work force.

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