Musgrave votes 'no' on interest-rate bill
The legislation, which received broad bipartisan support, would save the average college borrower about $4,500.
Vimal Patel
Issue date: 1/19/07 Section: News
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Future CSU students are a step closer to saving thousands of dollars on student loans after the House voted Wednesday night to cut interest rates for borrowers.
The College Student Relief Act of 2007, now headed for the Senate, was approved 356-71, snagging about 64 percent of the Republicans who voted for it as well.
The bill would gut interest rates on federally subsidized student loans in half, from the current 6.8 percent rate to 3.4 percent, saving the average college borrower about $4,500 over the life of their loans.
About 5.5 million college borrowers have federally subsidized student loans.
Rep. Marilyn Musgrave, who represents the district, voted against the bill. The conservative congresswoman said slashing interest rates on student loans does nothing to make college more affordable or accessible, since students don't have to worry about interest rates until after college.
"That was a tough vote for Republicans," said John Straayer, a CSU political science professor.
"Nobody wants to cast a vote that's going to be interpreted as rejecting the opportunity to provide debt relief for students. Most Republicans would have liked to vote against it, but many in competitive districts felt compelled to support it."
The new Democrat-controlled Congress charged into power in last November's elections and pushed an ambitious agenda that included making higher education more affordable and accessible.
The Wednesday victory suggests Republicans are hobbled by the stinging midterm-election defeat and more willing to bend to Democratic legislation after controlling Congress for 12 years.
But Musgrave was unwavering in her stance. She and other conservatives argue that the main issue of college affordability lies in tuition increases, not interest rates.
"Having worked on the House Education Committee, I know we can do a better job with college access and affordability," Musgrave said in a statement, according to Gannett News Service.
The College Student Relief Act of 2007, now headed for the Senate, was approved 356-71, snagging about 64 percent of the Republicans who voted for it as well.
The bill would gut interest rates on federally subsidized student loans in half, from the current 6.8 percent rate to 3.4 percent, saving the average college borrower about $4,500 over the life of their loans.
About 5.5 million college borrowers have federally subsidized student loans.
Rep. Marilyn Musgrave, who represents the district, voted against the bill. The conservative congresswoman said slashing interest rates on student loans does nothing to make college more affordable or accessible, since students don't have to worry about interest rates until after college.
"That was a tough vote for Republicans," said John Straayer, a CSU political science professor.
"Nobody wants to cast a vote that's going to be interpreted as rejecting the opportunity to provide debt relief for students. Most Republicans would have liked to vote against it, but many in competitive districts felt compelled to support it."
The new Democrat-controlled Congress charged into power in last November's elections and pushed an ambitious agenda that included making higher education more affordable and accessible.
The Wednesday victory suggests Republicans are hobbled by the stinging midterm-election defeat and more willing to bend to Democratic legislation after controlling Congress for 12 years.
But Musgrave was unwavering in her stance. She and other conservatives argue that the main issue of college affordability lies in tuition increases, not interest rates.
"Having worked on the House Education Committee, I know we can do a better job with college access and affordability," Musgrave said in a statement, according to Gannett News Service.
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