Students might see decrease in loan interest soon

College interest rates on student loans may be cut in half now that the Democrats are in control of both Houses.

The new House Minority Leader Nancy Pelosi has stated that if the Democrats gained control they would act immediately to make higher education more affordable by cutting interest rates on student loans in half, and increasing the tax deductibility of college tuition.

This proposal could be passed as soon as next year when congress will reconvene after Christmas.

This is good news to many students and their parents who have become burdened with debt due to the high interest rates.

Beth Murphy, a Missouri Western junior, is one of the many students who could benefit from the lowering of interest rates.

“Basically, if interest rates went down it would help me because I would not be in as much debt after graduation, which is a big concern for me especially if it becomes a challenge to find a job after graduation,” Murphy said.

Murphy is just one of many students who have to take out loans to pay their way through college since many students and parents cannot afford to pay for it themselves.

“I believe if congress could cut interest rates that would help us students who need help paying for school,” Murphy said. “Being a person who is trying to better myself, I feel that I and others like me shouldn’t have to worry about money when we should be focusing on our education.”

Jeff Cunningham, a financial aid coordinator at MWSU, would be thrilled if the interest rates were cut.

“Whatever they could do to help students would help me,” Cunningham said. “If they slashed the interest rates that would cost me less money now and less money later.”

Though this proposal is high on the to-do list for Democrats it may never happen.

Even with control of both Houses the Senate is very narrowly divided with the Democrats holding only 51 seats. Without enough support from Republicans and the president this proposed plan might never become realized.

The Democrats are expecting to redraft the Higher Education Policy that was approved in Congress but was never heard by the senate. This effort may be put behind the renewal of the No Child Left behind Act, an act that the Democrats are eager to begin work on.

Murphy hopes that this proposal will be realized sooner rather than later.

“I hope this proposal goes through, I would love to be debt free before I am 30,” Murphy said.