What a difference a year makes. The Republican-controlled 109th Congress doubled student interest rates and cut $12 billion out of student aid.
The new Democratic 110th Congress has cut the student interest rates and put $20 billion into aid programs. The money comes directly out of the banks’ pockets and into the pockets of students and working families.
Nancy Pelosi and the Democrats get credit, to be sure. College affordability was one of the “Six in ’06” campaign promises, and Pelosi hit it out of the ballpark. Representative George Miller, D-Calif., was a hero, and Massachusetts Senator Edward Kennedy worked hard in the other chamber.
But real credit goes to the progressive community.