KENT, Ohio (U-WIRE) — Students across the nation caught a much-needed break this week when Congress passed legislation that will drastically cut student loan interest rates.
Students will save up to $1,000 on a $20,000 loan, and the government will now be able to guarantee more than 88 million student loans.
Also, Pell Grants will now go to more than 25 million low-income students.
Many have criticized a divided Congress for not taking action earlier to attempt to curb the rising costs of a college education.
So why did it take so long for lawmakers to address the issue? Many blame partisan politics that virtually gridlocked the legislative process this year.
It is refreshing to see that members of Congress could put aside political differences and pass into law a bill that will help students.
The new law will help colleges in other ways as well.
Students planning to teach can receive up to $5,000 back on their loans, the federal government will fund teaching programs at universities, and students can refinance their old loans to take advantage of the new interest rate.
After years of seeing college tuition rates rise steadily above the price of inflation, students can finally breathe a sigh of relief.
Despite the delay, lawmakers should be applauded for finally taking the bull by the horns and helping students where they need it most — in the pocketbook.

This staff editorial appeared Monday in the Daily Kent Stater.