NORMAN — The recent passage of legislation lowering interest rates on college loans proves lawmakers can actually reach a compromise and eventually do get things done.
U.S. Sen. Tom Coburn, R-Muskogee, was part of a bipartisan group of legislators pushing to restore lower interest rates. It ties future loans to market rates rather than arbitrary costs locked in at the time of signing.
“It’s a pretty reasonable compromise. It takes the politics out of it,” U.S. Rep. Tom Cole, R-Moore, told Norman chamber members this week.
The agreement came about after a series of meetings this summer, just before a July 1 deadline where interest rates would double on some student loans. Lawmakers heard from students and parents alike from both sides of the political spectrum.
“Feels good signing bills, I haven’t done this in a while,” President Obama said at the signing ceremony this past week.
The change should impact about 11 million students this fall with interest savings of $1,500 each. It’s amazing what can be accomplished when petty partisanship squabbles are set aside.