Kudos for Roskam for student loan bill

The recent debate in Congress over student loan interest rates is of particular interest to college students like myself. My friends and I wonder how soon we’ll be able to pay off our accumulating debt and how much the interest rates will compound that cost. Up until now, Congress has arbitrarily set interest rates on loans. Whenever it comes time to pass new legislation regarding interest rates, Congress politicizes the issue. This unpredictability is problematic to those of us in school who are trying to plan our financial futures.

This is why I applaud Congressman Peter Roskam for his leadership in supporting HR 1911, which passed both houses of Congress with overwhelming support. This bill will offer a more permanent solution to the student loan interest rate problem. Rep. Roskam was an early supporter of the Smarter Solutions for Students Act, which ties interest rates to the 10-year treasury note yield. Changes in interest rates will correspond to market fluctuations.

This approach has received support from major newspapers. A recent study by the American Action Forum revealed that this approach could save a student up to $3,400 during the course of his or her college education. This figure is more than just a statistic for me. This extra money will have an effect upon whether I can move forward in life.

My friends and I, like most students, are being squeezed with huge debt and a stubborn job market. The money saved through the enactment of this bill may encourage students to buy a car, become a homeowner, and consider starting a family. Education is not a Republican or Democratic issue. It’s an American issue. I commend Rep. Peter Roskam and other members of Congress who have been instrumental in the passage of this important bill.

Stephen Evensen

Arlington Heights