Alert

Because of a recent stalemate on student loans in Washington, D.C., University of Missouri sophomore Erica Eagleburger was forced to think twice about going to physical therapy school after she graduates, fearing it will take her longer to pay off her student loans.

Lindsey Kolb, a student at Missouri State University, had to take out a $6,500 loan to pay for college. While she plans on paying every penny back, she said the government isn't exactly making that easy for her. "You work so hard to do well to get through college, then you get out on your own, finally get a decent-mediocre job with the degree that cost you thousands of dollars and are still living paycheck to paycheck because you are still paying back loans," said Lindsey, who works three jobs and an internship in addition to school. "You do all that work to have a job just to be in debt once you graduate."

Andrea Schreiner, an occupational therapy student at Rockhurst University, said her decision to go to graduate school took careful consideration, knowing she would be adding even more to her debt from undergraduate school. "I was hoping I would have a better chance at a higher-paying job that would allow me to overcome the debt," she said. "But with increasing loan rates, the idea of paying off my debt seems to be getting further away."

And Danielle Pederson, a December 2012 MU graduate, said she has had to ask herself whether the return on her educational investment will be worth it — especially if she forgoes two working years to complete her degree. "I think in the long run, getting my master's is a good idea. However, I'm not sure I am ready to financially sacrifice in the shorter term of things," Danielle worried.

As a former teacher and university president, I understand the importance of a quality education for every student. I also know how hard it is to make these financial decisions. Unfortunately, these and other students in Missouri and nationwide have been forced to wonder whether they can attend school or afford their loans thanks to Washington's unnecessary standoff surrounding a long-term student loan solution.

The first plan only addressed part of the student loan issue — and only for a set amount of time. It's time to stop kicking the can down the road on this and so many other problems. I was proud to co-sponsor a bipartisan solution that recently overwhelmingly passed the Senate to lower and fix interest rates for 100 percent of newly issued student loans. This compromise, which was led by U.S. Sens. Joe Manchin, D-W.Va., and Richard Burr, R-N.C., is a solution for everyone that ties student loan rates to the government's borrowing costs.

Under this plan, rates are pegged to the 10-year Treasury note yield, plus 2.05 percentage points for undergraduate students, 3.6 percentage points for graduate students and 4.6 percentage points for parent loans. Undergraduate loan rates will not rise above 8.25 percent; graduate loans, 9.5 percent; and PLUS loans, 10.5 percent. Instead of another temporary way out, this bill will provide a permanent fix to this problem moving forward and guarantee that everyone who gets a student loan will benefit from these changes.

"Student loans are terrifying," said Amy Lutz, a student at Saint Louis University. "However, I don't regret taking out loans in exchange for a great education. I'm pleased that the Senate Democrats have finally decided to support a bill, which will lower the rates."

Mizzou student Devin Kelsey said a rate increase has given him concerns about taking out student loans in the future, but he supports this bipartisan solution. And John Kerr, who has two semesters left at Ozark Technical College in Springfield, said, "This" agreement "is good news for me. Even if it's only for two semesters, it locks in a good rate."

I'm glad members on both sides of the aisle were able to work together to reach this bipartisan agreement and finally give students more long-term certainty and access to lower rates. We must encourage common-sense policies that create opportunities for our students to prosper, not limit them. These young people are the future of America, and they deserve the chance to succeed without partisan gridlock in Washington getting in the way.

Roy Blunt, a Republican, is a U.S. senator from Missouri.

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