Concerns mount over higher rates on student loans(Anger at * and Congress) [View All]

http://sfgate.com/cgi-bin/article.cgi?f=/c/a/2006/03/06/MNGICHJ8391.DTL

The Republican-led Congress and President Bush are facing growing anger on college campuses as students and their parents prepare to pay higher borrowing costs because of new changes to federal student loan programs.

Congress narrowly passed a deficit-reduction bill last month that cut $12 billion from student loan programs, which was signed by the president. The new law will slash subsidies to lenders and raise interest rates on loans taken out by parents.

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Jessica Pierce, a senior at UC Santa Cruz who has Stafford loans, said she was outraged by the changes approved by Congress.

"They're trying to balance the budget on the backs of students," said Pierce, who chairs the university's student union assembly.