U.S. Senator Dick Durbin to hold student town hall meeting at University of St. Francis
University of St. Francis will hold a student town hall meeting on Wednesday, April 19 focusing on how to reverse major cuts to federal financial aid set to take effect on July 1. The senator will discuss legislation he introduced in the Senate late last week to make college more affordable for students. The meeting will take place at 10:15 a.m. in the university’s Marian Hall Abbey.
Durbin’s "Reverse the Raid on Student Aid Act of 2006" would give students the power to lock in low interest rates and consolidate their loans with the financial institution of their choice; cut the pending fixed interest rates in half for students and parents; and increase funding for Pell grants.
"Many University of St. Francis students rely on financial assistance to pursue their college education. We’re pleased to welcome Senator Durbin to USF and look forward to hearing more about his plan," said President Michael Vinciguerra.
President George W. Bush’s 2007 budget froze the maximum Pell grant at $4,050 and eliminated the Perkins Loan program, which provides low-interest loans to low-income families. The Deficit Reduction bill approved by the Republican Congress early this year made $12 billion in cuts to student aid – the single largest cut in the history of financial aid programs.
Students, families and financial aid officers are preparing to deal with substantially higher interest rates when they go into effect this summer. According to the Project on Student Debt, the new interest rates will likely result in payments 20 percent higher than 2004-2005 rates, which would double the total interest paid by students over the life of the loan.
For more information, call (815) 740-3496. The University of St. Francis, at 500 Wilcox St. in Joliet, is a Catholic, Franciscan institution that serves more than 4,100 students nationwide.