You want extra money for college, join the military....
House passes college financial-aid bill
By Ruth Mantell, Marke ch
Last Update: 4:36 PM ET Jul 11, 2007
Marke chWASHINGTON (Marke ch) -- The House passed a student-loan bill Wednesday that would boost college financial aid by about $18 billion over the next five years and cut federal subsidies to lenders.
The College Cost Reduction Act of 2007, which passed 273-149, also calls for investing in minority ins utions, controlling repayment rates and creating loan-forgiveness programs, among other actions.
"This bill is a remarkable step forward in our efforts to help every qualified student go to college," said Rep. George Miller, D-Calif., chairman of the education and labor committee and author of the legislation, in a statement. "With this bill, we are saying that no one should be denied the opportunity to go to college simply because of the price."
The Senate is expected to vote on college-funding legislation this month. If that legislation passes, then conference on a combined bill would begin.
Sen. Edward M. Kennedy, D-Mass., chairman of the Senate Health, Education, Labor and Pensions Committee, said the House bill "is a big victory for students and families across America who face rising college costs. The time to put the needs of students ahead of the profits of the banks is long overdue. I look forward to passage of similar legislation in the Senate this month."
On Tuesday, the White House threatened to veto the House bill, claiming that it fails to help the neediest college students and creates programs with long-term costs for taxpayers.
Rich kid who needs pardon because he might burn your ass = needy
Poor kid who needs education so he'll become independent and intelligent enough to oust you out the door = not needy
The Repugs want to keep sudsidizing the $19B to private student-loan lenders, who make millions in profits charing higher interest rates than the govt loans, as if that $19B in subsidies didn't cost costs the taxpawers anything.
The Repug plan is always to privatize to and subsidize their buddies, who deliver less product for most cost to the US citizens, who already pay for the subsidies in the first place.
Millions have done just that.
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