I am happy to see the US House of Representatives passed a bill that will increase Pell Grant funding and lower stafford loan borrowing costs for those of us that are continuing our education at the college level.

The bill will eliminate government subsidies to banks issuing Stafford Loans and will now make those loans funded directly by the government. While I don’t ordinarily like the government getting involved in private enterprise, I feel this move is needed. These banks have tremendous leverage and power over students by making Billions in profits on loans that are guaranteed to be repaid, and are even protected from bankruptcy discharge. These are the same banks that have received Billions in government bailout money because even with their massive student loan profits, they lost money on highly leveraged, risky investments. Companies like Citibank and Sallie Mae.

The cost of higher education is quickly reaching a point where many people are questioning whether the accumulation of debt is even worth the increased earning power a college degree may provide. I am in too deep to look back now and will have to finish my program in order to have something to show for my massive student loan debts.

I look forward to receiving a higher Pell Award next year and even greater savings on my Stafford Loans. I would love to see the government offer more incentives for student loan consolidation which I will be looking to take advantage of in a couple of years to make repayment easier and more cost effective.