When college students look twenty years into the future and describe where they see themselves, the picture is often viewed through rose-colored glasses. 20 years from now, current college seniors should be at the height of their careers, earning the most they’ll ever earn. It seems logical since students enter college under the impression that it will not only broaden their horizons, but it’s gives them a safe path to a lucrative career. Unfortunately, education comes at a price. Many students will be paying for their education well into their 50s and 60s. And the amount of money it takes to pay off student loan debt could drastically change if Congress does not take action to pass legislation preventing the doubling of student loan interest rates by July 1.
It seems strange that our elected officials would be in favor of increasing the cost of education, but whether or not students incur extra loan costs has nothing to do with education. Rather, the student loan crisis is contingent upon a transportation bill which includes the construction of a crude oil pipeline.
According to Reuters, the student loan interest rate bill has been piggybacked onto a transportation bill that provides federal funding of major road, bridge and rail projects. The bill that initially established the federal funding of these transportation projects created about three million construction jobs, and now with funds close to expiration, those jobs are at stake.
House republicans also called for approval of the Keystone XL pipeline as part of the transportation bill. The crude oil pipeline would extend from Canada to Texas and would ideally lower gas prices. Until recently, the Keystone XL pipeline was a major block for the transportation and interest rate bills; President Obama approved the pipeline on June 26.
Congress now claims they are confident reaching an agreement on the remaining issues will be relatively painless since the real issue was the transportation bill.
Nevertheless, voters must ask themselves: In whose interest are our elected officials operating? Earmarks and pork barrel projects are a clear indication that our representatives only care about one thing: being re-elected.
It’s not fair to students that the transportation and pipeline bills were ever grouped with the interest rate bill. Had Congress refused to come to an agreement on the transportation issues, then the deadline to keep student loan interest rates down would have passed; meaning some students would be paying off loans well into retirement ages.
Congressmen and women need a reminder from those who elected them that operating ethically and transparently is imperative.
