In a recent Huffington Post article, “College Cost and Student Loan Debt,” Stony Brook University President Samuel L. Stanley Jr., MD, discusses the impending threat of interest rates for new federally subsidized college loans doubling on July 1 (from 3.4 percent to 6.8 percent) unless Congress and President Obama take action. He talks about the role of university administrators in keeping higher education costs under control and the importance of making their views known to lawmakers in Washington who are receiving many proposals on how to deal with the issue.
President Stanley stresses that student loans are the smartest debt that a young person can incur. “These loans are not only a good investment in the earning power and job security of the students who use them, but also in the well-being of the whole nation,” he says. “In addition to better earnings, higher education produces a greater likelihood of behaviors that help everyone in our society — from more charitable giving to greater civic engagement and higher turnout in elections. Toward that end, there’s no reason why Congress can’t adopt a smart, bipartisan approach toward making student debt more manageable, more rational, more predictable — and less scary.”
Click here to read the entire article and President Stanley’s recommendation that Congress enact a long-term approach to student loans as part of its reauthorization of the Higher Education Act.