Following up on Michael Connery's diary.
The US Senate is debating Senate Bill 1762, The Higher Education Access Act (PDF) which would cut excessive subsidies from banks and provide much-needed relief for college students and their families by raising the amount of federal grant aid available, particularly for the neediest students. It is good to see Congress focusing on real issues facing colleges, students and their families. But apparently when it comes to helping students go to college, some Senators aren't so willing to listen to the American public--perhaps a lack of sleep?
Word on the street is that an amendment to the bill from Senator's Nelson (D-NE) and Burr (R-NC) will be voted on TODAY that will:
- cut $4.2 billion from need-based aid to low-income students over the next five years and give the bulk of it to for-profit student lenders.
- reduce aid for the neediest students by $290 a year, or nearly $1200 over their 4-year college career.
- take grants away from low-income students and give it back to banks including $800 million to Sallie Mae over the next 5 years and $160 million to Nelnet over the next 5 years.
Inside Higher Ed reports today that some (read: lenders) are arguing the cuts are too severe and that the Nelson-Burr amendment would lessen the impact and wouldn't necessarily take money away from students. But as Luke Swarthout from U.S. PIRG tells IHE:
"you can only spend a dollar once. You can either give it to Sallie Mae or you can give it to students. Whatever other money might come into student aid doesn't change the fact that with this amendment, you've taken money away from students and given it to banks."
Are you a student? Future student? Parent? Want to weigh in? Then call or email your Senator and tell them to support students and their families and vote no on the Nelson-Burr amendment.
Cross posted at Free Exchange on Campus.