There once was a time when a public college or university education in Texas was cheap. Dirt cheap. But students got far more for their money than a convenience-store-quality education.
It’s no longer dirt cheap to attend college in Texas, where university systems used to rely heavily on oil-revenue royalties to finance their operations.
Federal legislation, though, seeks to keep low the interest rates on loans that students — and occasionally their parents — sometimes have to take out to pay for their children’s college education.
It’s drawn the support of Texas professors, who’ve signed a petition asking Congress to enact a bill authored by U.S. Sen. Elizabeth Warren, D-Mass.
According to the San Antonio Express-News website, the bill caps the interest rate across the board. “Warren’s loan bill proposes that students pay interest rates on loans in the same fashion as Wall Street banks with a .75% rate on each loan taken out,” the website mysa.com, reports. “Before the July 1 increase, students were paying more than four and a half times the rate of banks. After the increase, students now pay more than nine times the price of a bank loan.”
Interest rates for student loans is one of the many — they seem countless at the moment — issues divide members of Congress and the legislative body from the White House.
Sen. Warren is looking for help everywhere. Some Texas professors believing that the future of higher education is at stake, have weighed in to lend their support.