Out of the corner of my eye I caught sight of a headline announcing that the federal government was cutting interest rates on federal student loans over the next few years. By 2011 the Stafford Loan is going to see a cut from 6.8% down to somewhere in the neighborhood of 3.4%. That’s a 50% cut equating to thousands of dollars less that must be paid back. I was instantly taken in by this exhilarating news. Upon reading the small print I was very much dismayed to find that the interest rate cuts would only effect those going into undergraduate school. For those of you (i.e. myself) going into your graduate studies (and quoting one of my favorite movies): forget about it. For a country that preaches education and training in advanced skills this makes it very hypocritical for those of us starting our graduate studies. Do they think that just because we’re getting advance training that is will guarantee more money immediately upon graduation? To Washington DC: Do you think you can throw us a bone?
