According to The Wichita Eagle, Dec. 25, 2005:
“College students and their families will pay higher interest rates on their school loans if Congress approves a deficit-reduction bill that contains the largest cuts in history to the federal student loan program.
The bill would immediately raise the interest rates charged to students by 1.5 percentage points - an increase of roughly 28 percent - and mandate a smaller boost in a loan program used by parents. However, experts say the majority of the cuts will affect private lenders who get government subsidies, and not families struggling to pay for college.
"In an ideal world, I don't think that anyone who wants greater support for higher education would say, `This is the bill,''' said Jim Boyle, president of College Parents of America, a parents-advocacy group based in Washington. "But it's a lot better than it could have been."
Best we can do? That’s like saying “I’ll burn only half your house down. That’s the best I can do.”
With help like that, who needs enemies?
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