Braley Visits UNI to Discuss Student Loan Releif

On Friday, Bruce Braley visited UNI to discuss the recently passed bill that lowers interest rates on student loans. From the Waterloo/Cedar Falls Courier...

"This bill affects the 5.5 million students who currently receive subsidized Stafford loans," he said. After completing four years of college, such students are typically $13,000 to $14,000 in debt. The bill's effect "will be $4,000 over the life of their loans, just in terms of the interest they will pay."

Under provisions of the bill, the average Iowa student beginning college in 2007 would save $2,300 by the time the subsidized loan is paid off. An Iowa student beginning college in 2011 --- when the lower interest rate is fully phased in --- would save $4,460. Current UNI students have taken out 6,385 Stafford loans, which total more than $23 million in debt.

"It's a staggering impact on this university," said Braley. "That's why I was proud to be a co-sponsor of this bill."

Braley also favors other steps to make college more affordable...

He favors increasing the maximum subsidized student loan per year from $4,050 to $5,100 and expanding the eligibility. He also favors allowing students to have more than one of the variety of tuition tax credits available to them.

With college tuition more than doubling over the past 6 years, it is great to see Rep. Braley making this a priority. It looks like he sees the big picture and the student loan relief bill is only a start of lowering the cost of college and making higher education more accessible.