Catching a Break

[from www.wlu.edu]

Things are looking bright for college students (and their parents).

Due to recent action in both the U.S. House of Representatives and the Virginia General Assembly, it looks as though some students will catch a break soon regarding tuition. As of Wednesday, January 17, the House overwhelmingly passed a bill which reduces student loan interest rates by half. In a 356-71 decision, the new legislation slices the current 6.8 percent interest rate down to only 3.4 percent. And locally, 24th district Delegate Ben Cline proposed the Community College Transfer Grant Act which would provide “scholarships to community college students who want to continue their education at public four-year institutions” (Cline 1).

With the Congressional bill benefiting some 5.5 million students nationwide and, should it pass, the General Assembly act affecting thousands within the state of Virginia, current and prospective college students are finally seeing a little weight lifted off of their bank accounts. Though both bills maintain certain stipulations (the interest rate cut is for need-based loans only and the transfer grant applies to Virginia residents enrolled in community college with a 3.0+ GPA) the total money saved for those students would well exceed $6 billion.

The College Board’s 2006 polls show that the average cost for one year at a private university is $30,367, the first time ever that it has surpassed $30,000. What’s more, at a four-year public college, the total cost is $12,796 per year. Though some numbers have seen a gradual decrease in the past few years, the fact of the matter is that loans make up 51 percent of all aid provided for students and some 2/3s of the country’s students receive some type of financial help. Essentially, this legislation is going to help a lot of people.

While the fate of Cline’s Community College Transfer Grant Act still hangs in the balance due to the General Assembly opening session just yesterday, the national bill is expected to receive eventual approval by President Bush in the coming months (with some potential adjustments.) Interestingly enough, the House of Representatives bill has long been on the Democrats’ agenda for their first 100 hours this session as the majority party, while the General Assembly legislation Cline proposed is clearly done by a Republican. Yet no matter what side of the isle you might stand, college students across the nation are going to start seeing a bit of relief quite soon.

For more information, check out these links….

AP article on the U.S. House of Representatives Bill: http://hosted.ap.org/dynamic/stories/C/CONGRESS_RDP?SITE=VAROA&SECTION=HOME&TEMPLATE=DEFAULT&CTIME=2007-01-17-17-46-24

News-Gazette article on Cline’s proposed legislation:
http://www.thenews-gazette.com/articles/2007/01/17/breaking_news/breaking5.txt

To track this bill:
http://leg1.state.va.us/cgi-bin/legp504.exe?061+sum+HB1136

Find out your local colleges’ average tuitions: http://money.cnn.com/2006/10/24/pf/college/college_costs/index.htm?postversion=2006102716