Instant loans – prompt response to unforeseen financial fiasco

If you are in college or are planning to enroll

Posted by Kristina Rizga at 4:19 PM on September 12, 2005.

... help defeat a bill that will be the largest cut to student aid in history.

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The Student Aid Action just reminded me that on September 26th, the Congress is considering a proposal to cut federal financial aid programs by nearly $9 billion dollars. If this cut passes, it will be the largest cut to student aid in history, forcing the typical student borrower to pay an additional $5,800 for his or her student loans and further closing the door on affordable college opportunities.

When the U.S. government can spend $1 billion on military operations in Iraq every day, we should be able to find a fraction of it for helping low-income students.

As I've mentioned in previous entries, student debt in the U.S. has risen dramatically in the last decade. Two-thirds of college students now graduate with loans, and their average college debt is nearly $20,000 -- an increase of more than 50 percent since the early 1990s.

American students already graduate with more debt than students in any other industrialized country. Financial Aid cuts affect low-income students and growing debt overall closes opportunities for graduates that want to go into lower paying positions, such as teaching and social work.

Take Action -- make a quick phone call before September 26th and urge your representative to oppose this proposal. Visit Student Aid Action website for instructions.

Kristina Rizga edits WireTap—AlterNet’s youth-oriented section.

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