House pass student loan bill

Richard Zhang

Recently, the House of Representatives passed a legislation that calls for a larger federal aid package to college students. Tamar Lewin of the NYTimes reports that the legislation would provide $40 billion to increase scholarship amounts. President Barack Obama states that the plan would save $80 billion over the next 10 years. The student loan legislation included more funds and less questions on the tedious Free Application for Federal Student Aid or more commonly known as FAFSA. Thereby increase the accessibility of the aid. This bill aims at reduce cost by ending federal subsidies to private lenders. Without private lenders earning a killing off poor students the government and students are able to save money.

This bill is a reassurance and a relief for many students. Faced with rising tuition and living expenses many students are force to borrow. In some cases the interest are so high that it takes decades before a college graduate can pay back the loan. With the passage of this bill however, the government has eliminated the middle man and able to offer more loans and grants to students. This is especially welcomed in this economy. The cutting of questions to FAFSA is also welcomed. FAFSA was a form that all students who wanted financial aid from the government would have to complete. FAFSA was a confusing and complicated process with forms up to 7-10 pages long requiring extensive financial statements. It was a dreadful process that took weeks to complete. This bill allows students to pursue their dreams regardless of the economic situation. Students rejoice for the bill because it keeps the door of college open for them even though they are experiencing financial hardship.