Chet Edwards For Congress

February 24, 2006
Edwards urges reversal of cuts to financial aid

AP via Bryan-College Station Eagle
By ANGELA K. BROWN | Associated Press

WACO - Pepper Jones, a single mother of four children, says she couldn't go to college without about $14,000 in student loans and other grants.

But with Congress' recent passage of a bill that cuts nearly $12 billion in financial aid programs, Jones worries whether she'll be able to afford her education. She says she might give up her dream of teaching disabled children to pursue a career that pays more money.

"Teachers don't make any money, so if my student loans' interest rates go up, I won't be able to afford to pay them back," said Jones, 26, who attends McLennan Community College in Waco. "I guess I could do something else that I wouldn't like at all."

Earlier this month, Congress approved a bill cutting $11.9 billion by reducing lender subsidies and retaining a scheduled shift from variable interest rates to a 6.8 percent fixed rate on most loans.

The bill was part of a $39 billion, five-year deficit reduction bill that the U.S. House passed by a 216-214 vote; the Senate's vote was 51-50, with Vice President Dick Cheney's as the tie-breaker.

U.S. Rep. Chet Edwards, D-Waco, who voted against the bill, said it is the nation's largest reduction in federal student aid and essentially would put a $6,500 tax on student loans. Some 10 million college students now receive financial assistance, he said.

"The federal government is the largest single source of student financial aid in this country, so when Washington starts cutting back on the student financial aid, it can have a dramatic impact on millions of students all across the country," Edwards said Thursday at a news conference at McLennan Community College.

The college's president, Dennis Michaelis, and Elton Stuckly, president of Texas State Technical College in Waco, said they were concerned about the impact of the cuts. At least 60 percent of their students receive financial aid.

Lumina Victor, 20, a business administration major at McLennan Community College, is the youngest of 10 children. She and one of her sisters are the only ones in their family to attend college - and solely because of student loans. She said they now fear not being able to pay back the increased interest rates.

"It'll probably hit me hard when I get out," Victor said.

Edwards said he was urging lawmakers to vote again on the matter.