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.