Lending loss
According to The New York Times, Democratic Senators Chris Dodd of Connecticut and Patty Murray of Washington have introduced legislation requiring lenders wishing to participate in the Federal Family Education Loan Program, which provides more than $567 billion to tens of millions of students, to extend credit to any eligible student "regardless of such things as income or the number of years of education, as long as the college is part of the program." The bill, whose prospects for success are uncertain, is a response to recent reports that some lenders in the program have stopped offering loans to community and other small colleges due to concerns about the economy and the profitability of a "small number of borrowers and the small amounts borrowed at certain institutions." Though loans administered through the federal program are largely guaranteed, some financial aid directors are worried about the new legislation potentially pushing lenders out of the program due to a perceived small profit margin. With rampant inflation and a worrying exposure to subprime mortgages, perhaps some banks are thinking that investing in the future isn't what it used to be, but we find it hard to believe that picking and choosing among America's universities is the best solution to this problem.
Houston sees the light
As a reminder that Austin's mass transit delays pale in comparison to those faced by our dysfunctional bigger brothers, the Houston City Council finally approved a light rail plan that would allow five separate lines originating in the city's suburbs to be built on city streets. We can't say we're too excited about the city's plan to add another layer of construction to the perpetual highway nightmare that is 290 or Katy Freeway, but it's nice to know that the oil capital of the U.S. is doing its part to zap some cars off of the road.
Obama gains adviser from UT
According to the Burnt Orange Report, Barack Obama has announced he'll be introducing a little piece of Texas into his policy decisions by adding Jim Steinberg, current dean of UT's LBJ School, to his impressive list of foreign-policy advisers. Dr. Steinberg is also currently a senior fellow at the Brookings Institution and was previously a national security advisor to President Bill Clinton.
Horns down
Sinking ship
The "Scholar Ship," a cleverly titled joint venture between Royal Caribbean Cruise Lines and "a consortium of international universities" has announced that it will not be offering its fall maritime semester this year due to the huge price increases of oil and food - the two main expenditures for an international cruise of that size. Would-be sea dogs take heart: If students still wish to pursue their degrees on the open ocean, they may still register for the less wittily but more appropriately named "Semester at Sea" program. And if students are looking for real maritime adventure beyond the usual hazards of quarantine or sea sickness, there's always a place to find pleasure and search the world for treasure - the U.S. Navy
