The U.S. House of Representatives approved a bill Nov. 18 that would make borrowing money from the federal government more costly for students, according to The Chronicle of Higher Education.
The legislation would make consolidating federal student loans more expensive. It would cut $14.3 billion from federal student-lending programs by the end of the decade to alleviate the national deficit and help victims of hurricanes Katrina and Rita, according to The Chronicle.
The Republicans led the effort to pass this bill, which was approved by only a two-vote margin. It is a part of the Republicans' budget reconciliation plan.
But many students and college advocates are upset about the measure, as the cost college education climbs every year.
Justin Mushnick, a freshman in SOC, said that financial aid is a problem for him, and he only expects it to get worse.
"My sister said [student loans] would screw me over eventually," Mushnick said. "Obviously if it were easier to get money, a lot more people would go to college."
With many students depending on federal loans at AU and the cost of going to school rising faster than inflation, it leaves little options for students and their families, according to Tom Husted, a professor of economics.
"That will obviously hurt students coming into the system," Husted said. "If students want to go to school then they will have to spend more, [and] it will force people to get funding that is more costly."
However, Husted said this may only be short term, and they may restore the loans in a few years if the legislation is passed by the Senate. But Husted doesn't believe it will deter parents from sending students to college right now, because a degree equates to success, he said.
"I think [the legislation] puts a real strain on a 19-year-old," he said. "You are asking them to grow-up in a hurry."
But there may be good news in-sight as the Senate makes its revisions to the bill. The Senate is considering adding about $8 million in funding to Pell grants and including it in the bill, Robert Durant, a professor in SPA, said.
Durant said that the bill is only a small portion of money, in comparison with the rest of the federal budget and questioned how much the government will actually save.
"The impacts are significant [and] what is surprising is the number of folks making over a 100-grand who depend on [these loans," Durant said.
"Once mom and dad learn about this, I don't think I would want to be the one carrying this vote," he said. "It is interesting that his is coming from a party to be all about family values."
But some people are not losing hope just yet, and don't think it will last.
"It is a short-term solution, and it won't have any afffect. It will change, depending on which way [America] votes," James Sachs, a freshmen in Kogod, said.
