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7/22/2009
Rep. Petri has been pushing this for years
Bucking his party, Rep. Tom Petri (R-Fond du Lac) has been pushing reform of America’s college loan system for over two decades.
Most Republicans have a hard time with eliminating the private sector in anything – much less in handing it all over to the government. This New York Times editorial describes well, proposed change in funding college loans. It details Republicans’ “distorted” arguments against it and also, from my understanding of his position, does a good job in explaining Congressman Petri’s dogged work to achieve college loan reform.
Comments by Rep. Petri last week explain what might seem like controversial support of the Student Aid and Fiscal Responsibility Act of 2009, as one of only two Republican votes in committee (30 to 17 in the House Education and Labor Committee yesterday). Petri explains his support in a release from last week.
The Student Aid and Fiscal Responsibility Act is an important step forward for students and parents who will benefit from a more stable, efficient, and affordable federal student loan system by expanding the Direct Loan Program in place of the Federal Family Education Program. By eliminating unnecessary subsidies for private lenders and other middlemen, and instead reserving support for students, this change will help students to graduate with less debt by providing access to lower interest rates and increased Pell Grants for those with the fewest resources.
While this is not a perfect bill, the elevation of the Direct Loan Program would greatly benefit students, parents, taxpayers, and the nation as a whole. This would bring to a successful conclusion a long effort on my part to reform student loans. I look forward to its passage and to its being signed into law.
Among other provisions, this bill would invest $40 billion to increase the maximum Pell Grant scholarship to $5,550 in 2010 and to $6,900 by 2019. Starting in 2011, the scholarship would be linked to match the rising costs-of-living by indexing to the Consumer Price Index plus 1 percent. The bill would keep interest rates low on need-based, subsidized federal student loans by making the interest rates on these loans variable beginning in 2012. These interest rates are currently set to jump from 3.4 percent to 6.8 percent in 2012. Federal student loan borrowers would continue to benefit from private sector customer service, only this would be achieved, as it always has been in the Direct Loan Program, through a competitive-bidding process which would allow the U.S. Department of Education to select private servicers based on how well they serve borrowers, educate them financially, and prevent loan defaults. Jo Egelhoff, FoxPolitics.net
COMMENTS
Yeah, if this is such a great idea of "reform" then lets just get rid of all student aid.
Petri remains - a pathetic loser.
StrainedLogic (Thu Jul 23 00:05:08 2009)
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