67th Girls Nation Congress
To make higher education more affordable.
IN THE SENATE OF GIRLS NATION
Senators Kinnaird and McCarthy of Pennsylvania introduced the following bill; which was referred to the Committee .
BE IT ENACTED BY THE SENATE OF GIRLS NATION ASSEMBLED.
SECTION 1. TITLE
This act may be cited as the "Funding for the Future Act".
SECTION 2. PURPOSE
The Funding for the Future Act will install a plan to improve federal financial assistance to those pursuing higher education.
SECTION 3. DEFINITIONS
Higher education is education beyond the high school level.
Stafford loans refer to the loans provided by the federal government for students attending colleges or universities.
A subsidized loan is an amount of money that the government lends to students whose financial need exceeds the amount of money that their family can contribute.
An unsubsidized loan is an amount of money that the government lends to students regardless of financial need.
SECTION 4. FUNDING FOR THE FUTURE ACT
The Funding for the Future Act entails:
(A) lowering the burden of higher education by:
(1) enacting henceforth that unsubsidized Stafford loans will be lowered to a rate of 5%
(2) enacting henceforth that subsidized Stafford loans will have a cap of 5%
(a) These figures will remain until its reevaluation in 5 years
(B) Furthermore, refinancing options will help those already graduated from college and
dealing the burden of federal student loans. Offering refinancing just to those with federal
student loans with interest rates above 5% will allow 71% of federal student loan holders
to be eligible to take advantage of this program. The funding for this program will be
provided through a fee paid by the refinancer.
SECTION 5. EFFECTIVE DATE
In order to benefit students in all stages of the student loan process, these measures will be enacted immediately upon signature of the President.
"Just knowing an organization like the American Legion Auxiliary exists, providing support to our military and our families even when we're gone, makes a world of difference."
- ALA member and Indiana National Guard Col. Marilyn Moores