Anybody else think this is crap especially given the amount of Pork this Congress and President have been spending?
Congress Cuts Funding For Student Loans Loss of $12.7 Billion Means That Graduates Will Face Higher Interest Payments, Fewer Options By ANNE MARIE CHAKER Staff Reporter of THE WALL STREET JOURNAL Congress yesterday cut funding for federal student-loan programs, a move that is expected to increase the debt burden for many future college graduates and their families. The reduced financing is part of a $40 billion deficit-reduction package passed by the Senate. Federal student-loan programs make up the largest chunk of the spending trims -- $12.7 billion over five years. To help limit spending, Congress raised interest rates on the popular Stafford loans to a fixed 6.8%, even if commercial rates are lower, and cut subsidies to lenders. Other affected programs include Medicaid and pension insurance. [SNIP] Today, that rate is as low as 4.7%, and students can lock it in thanks to the Federal Consolidation Loan Program, which allows for a one-time opportunity to refinance. Under the new legislation, the interest rate changes to a fixed rate of 6.8% starting July 1, 2006, on Stafford loans. ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~| Message: http://www.houseoffusion.com/lists.cfm/link=i:4:228844 Archives: http://www.houseoffusion.com/cf_lists/threads.cfm/4 Subscription: http://www.houseoffusion.com/lists.cfm/link=s:4 Unsubscribe: http://www.houseoffusion.com/cf_lists/unsubscribe.cfm?user=11502.10531.4 Donations & Support: http://www.houseoffusion.com/tiny.cfm/54
