College Students Get Needed Help,
Inhofe One of Twelve to Vote No!
Inhofe was one of only twelve
“By making the student loan program about college students instead of the banks, the Democratic Congress has made a big difference for parents and students who struggle to put enough money together to pay for college,” Holmes said.
The bill that was sent to the President reduces interest rates on federally backed student loans to poor and middle-income students from 6.8 percent to 3.4 percent over the next four years. It also increases the maximum Pell grant, which goes to the poorest college students, from $4,310 a year to $5,400 by 2012. It also establishes a loan forgiveness program for college graduates who work for ten years in certain public service professions, such as teaching or nursing.
The student assistance package also reduces the federal deficit. By cutting generous subsidies to banks and other lenders that were contracted by the Bush Administration to administer the student loan program, the bill offsets costs of the student loan expansion and dedicates approximately $750 million for deficit reduction.
“Inhofe continues to paint himself as a ‘true’ conservative and deficit hawk, but his rhetoric doesn’t match his actions and this vote once again proves it. Inhofe could have voted to reduce the deficit and help average families, but instead he sided with the banking industry,” said Holmes. The latest Federal Election Commission report indicates that Inhofe received $10,000 from the American Bankers Association PAC so far in 2007.