Under a U.S. House-passed bill, more students would be able to borrow more money for college. B’nai B’rith supports this investment in higher education and has issued the following statement:
Under the new plan, the government would be the sole provider of federal and subsidized loans to students. Private companies could still help manage those loans, but the government would run the student loan program. According to the bill’s sponsor, about two-thirds of all students borrow money to attend college.
With the government as the single loan provider, the Congressional Budget Office projects a savings of $87 billion in 10 years. The bill’s backers say that money will get plowed back into the loan program, with about half of that savings going to increasing the number of students receiving Pell grants, and each Pell grant recipient receiving more money.
Community colleges, which have seen their enrollment swell in the current economic crisis, would also get a funding boost to upgrade and expand facilities.
B’nai B’rith urges the Senate to adopt similar legislation.
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