Congress must protect students

Last week, Congress let down students, families, and the economy when the legislators failed to prevent the interest rate on subsidized Stafford student loans from doubling.

Congress was blocked in its attempts to prevent the increase by legislators who insisted on charging students more for their loans, as a way to lower the deficit. As a result, the rate on these loans doubled to 6.8 percent on July 1.

This increase will cost more than 220,000 student borrowers in Iowa an additional $905 for each loan they take out.

This failure will not only affect student borrowers, it also will harm the economy - to the tune of more than $200 million in additional spending on student loans.

Fortunately, Congress can still act this summer to pass a retroactive extension, before colleges issue student loan packages in August and September.

Sen. Tom Harkin, D-Iowa, has been a champion for students on this issue. We urge him and Congress to protect students and the economy by acting quickly to reverse this rate increase.

Sonia Ashe, Advocate

Iowa Public Interest Research Group

Des Moines