The Senate is currently considering a bill--passed by the House on March 21st--that would save $61 billion over ten years by shutting down a program that gives banks wasteful subsidies on student loans. The savings would be used to increase Pell Grants and other programs that help students pay for college. It would also expand programs to improve college access, invest in community colleges that are helping displaced workers, make student loan repayment more manageable, invest in minority serving institutions, and more.
Unfortunately, loan company lobbyists are pressuring Congress to save their wasteful subsidies at the expense of students and their families. Since there is already a shortfall in the Pell grant program that this bill would help make up, the price of heeding their opposition to student loan reform could be about eight million low and middle income students seeing their Pell grants cut by 60% at the same time that states cut budgets and tuition costs soar. Additionally, 500,000 students could loose their grants altogether.
Join Campus Progress: Tell the Senate to choose students over banks, because we need a better future, and because we are fed up with banks taking billions from taxpayers for no good reason.
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