One Small Step For Students

Just updating the checklist for you all. The much talked about student loan bill passed the house of representatives today. While scaled back, it will probably become more comprehensive in the Senate. No one knows if it will survive W's veto pen.

Keep your fingers crossed. Read the full bill here. And scroll down for some escapist debt humor!

100 Hours Checklist! (onl y one more day for this masterpiece of design and content ;-))
Tuesday, January 9 - Implement the 9/11 Commission Recommendations

Wednesday, January 10 - Increase the Minimum Wage

Thursday, January 11 - Expand Stem Cell Research

Friday, January 12 - Allow Negotiation for Lower Prescription Drug Costs

Wednesday, January 17 - Cut Interest Rates on Student Loans

Thursday, January 18 - End Subsidies for Big Oil and Invest in Renewable Energy

Interest Rates Halved! (for a half a year)

A little known concession in the incredible shrinking student loan bill: when student loan interest rates are finally cut in half after 5 years, they'll go back up to 6.8 percent after only 6 months!!

More from inside higher ed:

As critics (read: lenders) noted that the legislation ( H.R. 5), as written, would let the interest rate zoom back up to the current 6.8 percent in January 2012, after just six months at the low of 3.4 percent, Democratic staffers explained that budget rules and fiscal realities required that compromise. They also said they fully expected to find money in the intervening years to make the cut permanent.

Meanwhile, the White House fully expects to oppose the plan altogether.