A new House bill passed on Thursday this week, which focuses on financial aid and loans. You can read about it here.
The bill involves increasing the amount of grant for lower-income students, while boosting the funding for minority students. The source of loans is also changing, from private lenders to the government. Despite the 253-171 majority vote and a mostly Democratic support, however, many Republicans view the government taking control of the loans as a step backward. States Representative of Minnesota, John Klein in a Washington Post Article:
It is another government takeover, in this case of a $100 billion loan industry. It’s Congress stepping in and choosing the public option instead of the private option, the private-public partnership
Still I think it will benefit many students who do not have the chance to pursue a higher education due to money constraints. I just hope it works as well as Obama and Congress say that it will.