During a question-and-answer session on January 23 with students and community members at Kansas State University, sophomore Tiffany Cooper asked:
Tiffany Cooper: Hi, I just want to get your comments about education. Recently, $12.7 billion was cut from education, and I was just wondering how that’s supposed to help our futures?
President Bush: Education budget was cut — say it again. What was cut?
Tiffany Cooper: Twelve point seven billion dollars was cut from education, and I was just wondering how is that supposed to help our…
Bush: At the federal level?
Tiffany Cooper: Yes.
Bush: I don’t think that — I don’t think we’ve actually — for higher education? Student loans?
Tiffany Cooper: Yes, student loans.
(Full transcript: http://www.whitehouse.gov/news/releases/2006/01/20060123-4.html)
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Last month, the Senate passed a budget-cutting bill that takes a net of $12.7 billion out of the federal student aid programs in order to help finance the recent round of tax cut legislation. Seventy percent of the gross savings (which total approximately $21 billion) generated in the bill are achieved by continuing the practice of tacking on excessive interest rates on student loans and by increasing college loan costs for parent borrowers.
Two-thirds of all college graduates take out loans to help pay for their college. The average debt of graduates is nearly $20,000. The student loan cuts just passed by Congress, according to experts cited by the Wall Street Journal, will raise the average cost over 10 years
by $2,000 to students and $3,000 to parents.
As my student loans won’t be paid off until what feels like 2050, I am terribly upset and frustrated by this round of legislation. Aren’t you?