Lower student loan interest rates and increase state funding to public universities
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The expensive cost of attending college leaves American students in debt, or even deters the opportunity for those unable to front the costs. According to the Center on Budget and Policy Priorities, “though some states have begun to restore some of the deep cuts in financial support for public two- and four-year colleges since the recession hit, their support remains far below previous levels. In total, after adjusting for inflation, funding for public two- and four-year colleges is nearly $10 billion below what it was just prior to the recession”. Because of this drop, families are forced to pay more out of pocket or students take out several student loans. Just the average undergraduate student at The Pennsylvania State University faces a debt of $36,955, however, many have the hopes of attending graduate school afterwards. How is this achievable with undergraduate student loans alone? Not to mention that the interest rates on student loans are around 5-7% whereas auto loans only have an interest rate of 2.5%. In order to take the steps towards changing the financial situation of college students today, I propose lowering loan interest rates to 2.5% and having state funding put more money towards higher education.
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