CONGRESS PASSES COLLEGE STUDENT LOAN INTEREST RATE EXTENSION WITH JUST TWO DAYS TO ITS EXPIRATION............

In a rare display of bipartisanship for this current session of Congress, the House and U.S. Senate after several months of wrangling, and facing its expiration deadline tomorrow, passed as an attachment to a federal Transportation Bill, an extension of the College Student Loan Interest Rate of 3.4 percent for another year.  Without this vote, the interest rate would have doubled to 6.8% on Sunday.  The Transportation Bill which is a comprehensive, two year plus, set of highway and infrastructure expansion projects costing $120 million; was the vehicle for passage of the student loan extension, a common practice in Congress when there is difficulty getting individual passage of proposed legislation.  House Democrats successfully attached the student loan interest rate extension, just as the House sought to get provisions of the Keystone Pipeline project included as attachment, but agreed in the end to the deferment of  monies proposed for highway beautiful and biking and lighting upgrading; in favor of funding for more essential national highway and infrastructure improvements, without increasing the cost of the Transportation Bill.  It is a byzantine way to guarantee passage of desired legislation, but one of the American political and governmental means of delivering on contentious constituent needs and wants.  With millions of middle class college students economically challenged and struggling with tuition rising inordinately at all levels of higher education, this one year extension of the 3.4% student loan interest rate, is a welcome relief from the continuing pressure, as they either complete their studies or graduate and enter the first stages of their professional lives.  The vote in the House was 373-52, with 10 members not voting;  the tally in the Senate was 74-19, with 7 members not voting.  The Bill will be signed into Law by President Obama weekend............Fr.  Troy