A Healthy "Downpayment" For Education
This week was a promising week for education. On Thursday, the House triumphantly passed a plan to cut interest rates by $6 billion over the next five years. Applause met the final vote of 356 to 71, and the Democrats checked off Number 5 on their list of 6 priority items for the first 100 hours. Said Representative Miller, this bill is a "downpayment." House Democrats agreed, suggesting this was just a first step towards making higher education more afforable.
With this bill, the average student could save $2,300 over the course of a loan thanks to a phased-in rate drop over five years. A permanent cut wasn't in the cards because of the pay-as-you-go rules. But by the time the bill sunsets in 2011, bill sponsors hope the lower interest rates will be popular enough to be made permanent (which could save students twice as much.)
One Rep. who wasn't on board with the bill? McKeon, the ranking Republican member on the House Education and Labor Committee, wanted rate drops limited only to college graduates making $65,000 or less and to active duty military. Miller, Committee Chairman, knocked this down early, noting this could disqualify a married couple working as public school teachers. But Pelosi delivered the knockdown punch, blocking the alternative from ever getting to a formal vote.
It looks like Miller could become a familiar face on the Warren Reports blog. Standing in front of a "Strengthening America's Middle Class" sign last month, Miller listed some other ambitious plans, including: universal pre-kindergarten programs, expanding Head Start, and increasing Pell Grants for needy college students. Go Miller go!
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