education loan:Low education interest

It is a well-known fact that many, if not most, student struggle to make ends meet and things often do not get better after graduating. Students end up paying off a student loan after their college years and are forced to take on any low paying job to deal with loan payments and their daily expenses.

The democrats have been making promises to do something about the situation and it seems that this promise is working out. The democrats are now planning quick action to ensure the lowering of student loan interest rates.

The plan is scheduled to be discussed and voted on this week and the idea is that the interest rates on selected student loans will be halved. The plan will be aimed towards need-based loans and is not designed for students who have chosen to opt for an unsubsidized student loan. The loan rates for student loans taken on by parents will also be reduced and the plan will cut rates for subsidized loans from 6.8 to 3.4 percent in a period of five years.

This means that in a few years more families can afford to send their kids to college without suffering too much financially. Right now many students are dealing with a vicious circle of having to work to make ends meet, missing important parts of their tuition because of this, and ending up paying more college fees because they have to extend their college term. Students and their parents have been waiting for these plans to come into fruition for a long time and it seems that things are finally looking up for these kids.