Editorial:
Loan relief near – or is it a mirage?

How many times have we heard political leaders promise to make college more affordable? Too many to even begin counting. But for every time we are assured relief is on the horizon, subsequent action falls short.

Again, we have reason to hope. In an overwhelming vote of 356 to 71, the U.S. House of Representatives passed legislation to cut interest rates in half on government-subsidized student loans. Nationally, this legislation would impact the wallets of 5.5 million students according to The Associated Press.

It’s safe to say some type of aid is needed now more than ever. Students racking up loan bills to finance the cost of their college education needed this support yesterday. A graduate carries, on average, $17,000 in loan debt, said U.S. Rep. Rush Holt in a statement to the Congressional Record. On the other end, at the beginning of college, “financial barriers will prevent at least 4.4 million high school graduates from attending a four-year college over the next decade, and another 2 million high school graduates from attending college at all,” according to the Congressional Advisory Committee on Student Financial Assistance. In a nation premised on guaranteeing equal opportunity, how can such an injustice exist?

The implementation of this legislation would be phased in over the next five years. Even though current students are unlikely to feel any instant relief, prospective undergraduates in the future would save more than a few pennies. Cuts on the interest rate by even 1 or 2 percentage points would noticeably decrease the amount the borrower would have to pay back. This bill would make a world of difference to a student carrying around a pile of debt to be paid back after graduation.

It’s hard not to get excited knowing that potential relief is in sight. But remember the check has not cleared yet. The likelihood of the bill passing through the Senate unchanged is slim and the odds of it making it past the president’s desk seem doubtful at best. Symbolically, this effort means a whole lot more. The political debate that is occurring over the bill is a strong indication as to where our leaders stand on the issue. This year, Democrats worked tirelessly in their first 100 legislative hours to provide students with desperately needed assistance. Republicans who had the majority in both houses of Congress all but continuously since 1994 did very little in those years to improve students’ financial situations.

College affordability remains a pressing issue. Back in the 1950s when some of our parents or grandparents were in school, one only needed a high school education to obtain a well-paying job to attain middle-class status. Now, a four-year degree has become a necessity on those all-important résumés.

The burden of keeping this issue alive in the chambers of the House and Senate lies in the hands of students. Now is not the time for students to turn a blind eye. We must write to our representatives and senators letting them know we adamantly support this legislation. It has been said over and over again, but students need to not only register to vote but they must also head to the voting booth on Election Day. It is then and only then that the young college generation will become a serious force to be reckoned with in the eyes of the politicians. So, let’s make sure once-and-for-all the political talk is parlayed into action.