A friend of ours sent us an interesting article from the WSJ about student loans and what the newly elected democratic leadership has in store for lowering the cost of and easing the financial burden of a college education. Here’s a link to the AOL version of the article just in case you don’t have a subscription to the Journal.

Here’s a snippet from the article”

“Among the measures Democrats have proposed is halving the interest rate on some federal student loans, which could save students thousands of dollars over the term of their loans. Parents could benefit from a proposal to allow tax deductions for tuition paid by families earning up to $160,000 a year. And lower-income families could get added help from a possible expansion of the federal Pell Grant program.”

Some interesting stats:

-Average total tuition and fees at four-year private colleges increased 5.9% to $22,218 in the current academic year.

-The average undergraduate leaves school more than $20,000 in debt, compared with about $16,000 in 1999-2000, according to an analysis of the Education Department’s National Postsecondary Student Aid study.

With college prices skyrocketing it’s good to see that the cost of borrowing might come down a bit.