Indiana University students took part in a last-ditch effort Tuesday to block congressional approval of budget legislation that would cut federal student-loan spending by $12.7 billion.
"It affects a majority of students on this campus," said Mike Weinberger, a junior from Cincinnati and a leader of IU's "Stop the Raid on Student Aid" initiative.
Weinberger and other students involved with the Indiana Public Interest Research Group staffed a table in front of Ballantine Hall, urging students to call their congressional representatives and protest the loan cuts. Students stopped on their way to and from class to call on their cell phones, joining a nationwide effort by the Student Public Interest Research Groups.
The House was expected to vote today on the budget reconciliation bill, aimed at curbing federal spending. It approved the legislation in December by a vote of 216-214. The Senate then approved it, 51-50, with Vice President Dick Cheney casting the deciding vote. But a minor change made by the Senate sent the measure back to the House.
According to an analysis by the liberal Campaign for America's Future, the legislation will increase the cost of college for a typical student in Indiana by $1,763.
The bill's supporters dispute that claim. They say it doesn't cut spending but just reduces the growth of mandatory spending programs such as student loans, Medicare and Medicaid.
With regard to federally subsidized student loans, it would eliminate variable-rate loans for students and increase the interest rate for parent loans. It would bar students from consolidating loans while still in school, increase borrowing limits and change loan fees.
On the positive side for students, the bill would fund grants for needy math, science and foreign-language majors and reduce some loan-origination fees.
