Boyda Speaks Out in Favor of Expanding Student Loans

post from Boyda Bloc on 21 April 2008 04:30:00 AM. © Boyda Bloc

Student loan expansion: Voting 383 for and 27 against, the House on April 16 passed a bill (HR 5713) increasing by $2,000 per year the ceiling on the so-called Stafford Loans that students obtain from private lenders. At present, the ceiling on such loans ranges from $3,500 per year to $10,500 per year for undergraduates and higher for graduate students. The bill also raises aggregate loan limits and eases repayment terms for the federally approved loans that parents take out to finance their children's education.

Nancy Boyda, D-Kan., said families last year "borrowed almost $60 billion in federal student loans. Now, in this credit crunch, banks are tightening requirements and raising rates. We want to make sure that families have access to the low-interest loans so their kids can attend college."