Student Loan and Highway Jobs Bill Approved by The Congress

Last Friday, the Congress approved the bill that will save 2.8 million jobs on construction and transportation, and also preventing an increase in the interest rate of loans for college students.

The bill allows more than $100 billion to be financed on highway, mass transit and other transportation projects for the next couple of years.

Also last Friday, a one-week temporary measure was signed by President Barack Obama, allowing highway and loan programs to carry on until the legislation arrives at his office.

As stated in the bill, the subsidized Stafford loans with interest rates of 3.4 percent will persist for one more year. If the order was not approved, interest rates would have increased twice as much to 6.8 percent for 7.4 million college students anticipated to apply for the loans for the next year, which will add $1,000 to the cost of every loan.

Moreover, the bill strengthens federal transportation projects and provides states more flexibility in terms of spending money from Washington. It also includes a range of safety initiatives intended for improving bus safety.

According to Jay Carney, the spokesperson of the White House, the Obama administration was happy that the Congress took actions before the families suffer from their inaction. Carney also said that Obama will pursue for approval of his last year’s proposals that will offer more jobs to the public, to employ teachers, police officers and firefighters.

In addition, to able to increase other revenue, the government will begin to charge the subsidized Stafford loans with interest rates in not more than six years after the start of studies of undergraduates. As of now, there are no interest rates charged until after they graduate.

The bill further extends the federal flood insurance programs that defend 5.6 million households and businesses. It also reallocates 80 percent of the penalties from the Clean Water Act to the 2010 Deepwater Horizon oil rig explosion that affected five Gulf beaches and waters.

Share and Enjoy:
  • Print
  • Digg
  • Sphinn
  • del.icio.us
  • Facebook
  • Mixx
  • Google Bookmarks
  • Blogplay

Related posts on loans for people with bad credit:

  1. House and Senate Nearing an Agreement on Student Loan Debt House and Senate Nearing an Agreement on Student Loan Debt According to the advisers of President Barack Obama and the Congress, both parties are heading toward an agreement on how to pay the measure’s $6 billion price tag, which is the…...
  2. College Graduates in Danger of Not Getting Jobs Because of Student Debt College Graduates in Danger of Not Getting Jobs Because of Student Debt If you recently graduated from college, you more likely have a student debt of at least $25,000 and looking for a job. Those without a degree are instantly disqualified…...
  3. US Congress Pressured to Stop Doubling of Student Loan Interest Rate US Congress Pressured to Stop Doubling of Student Loan Interest Rate The US Congress is being pressured to do something to keep low interest rates on Stafford loans. There are 225,000 Georgia students who rely on these loans to be able…...
  4. Congress Insisted to Increase Business Lending Cap Congress Insisted to Increase Business Lending Cap Assuring that small-business lending would grow, credit unions insist that the Congress increase their business lending cap. However, there are some who believe that the facts are altered. Sen. Mark Udall proposed the Small Business Lending…...
  5. A Good Student Loan vs. a Bad Student Loan A Good Student Loan vs. a Bad Student Loan Considering the total student loan debt reaching $1 trillion, and surpassing total credit card loan and auto loan debt, a lot of people of are becoming concerned of the drastic increase in college…...

Filed under: Loansloans for people with bad creditStudent Loans

Like this post? Subscribe to my RSS feed and get loads more!