The L.A. Times has an update on the education bill I mentioned in an earlier post.
Congress has passed the bill, and W rescinded his veto threat! This may actually go through!
By cutting incentives the government had been paying to lenders, the government can shift the funds directly to students. They will be raising the Pell Grant amount (not that I could get my hands on that anyway) and they are going to forgive government-issued student loans for graduates that work in the public sector or in "high-need" schools. The part that will benefit me is the interest rate reduction - which will reduce the rate from 6.8% down to 3.4% over the next several years. This is great news and means I could end up saving several thousand dollars in interest when all is said and done (if my math is right, and it might not be...)!
Crossing my fingers and knocking on wood....
1 comment:
Yeah, I wish that pell grants applied to grad school, that would be sweet. The interest rate reduction will be nice, wishing now that I hadn't consolodated my undergrad loans.
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