I graduated from a four year private university where the estimated yearly cost is about $45,000 for tuition, housing, meals, books, and other related expenses. Although this figure is higher than the national average – which is $30,367 for private universities and $12,796 for public universities – it is absurd in my view that the cost is anywhere in the same vicinity. And what is even more absurd is that not only is the cost of a college education rising, but the availability of scholarships and financial assistance is failing to keep pace. With even public universities costing so much, too many eager students and their families are being forced to make a decision about pursuing a college education based on cost.

Our government spends scores of millions of dollars on everything from the War in Iraq and defense to agriculture subsidies and foreign aid. But why is it that we are not investing sufficiently in the future of our country by making a college education something that is within reach of all Americans? And to make it even worse, students who take out loans to help finance their education are faced with interest rates of 6.8% and rising. Why is it that the costs are so high and the interest rates on loans exorbitant?

Congress is finally taking up the issue with a push by Speaker Pelosi to cut interest rates on student loans in half. This act alone could save college students thousands of dollars; it is estimated that the average borrower would save $4,000 in loan payments if this bill were to become law. $4,000 could make a huge difference in one’s ability to finance a college education. Getting your diploma shouldn’t translate into overly burdensome loan payments; it should translate into a better future with better opportunities. I know I for one, as well as many of my friends, could have benefited from such a move as Congress is currently considering.