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CONGRESS PREVENTS STUDENT LOAN RATES FROM DOUBLING IN BUSINESS GOVERNMENT By Karoun Demirjian staff writer C ongress passed a bate in and around the House and Sen- triple-pronged measure June 29 to freeze student loan interest rates, extend flood insurance and pump $120 billion over two years into the nation's transportation system. "This is a massive bill," Sen. Harry Reid said just prior to the Senate's 74-19 vote. "It's so good for our country." The House passed the same measure that morning by a vote of 373-52. All five members of the Nevada del- egation voted for the measure. It was That long-running conference com- ate and over the past several weeks in a mittee process ultimately ended up be- conference committee focusing on the transportation authorization, which proved to be the most difficult legisla- tion around which to secure a compro- hashed out over several months of de- mise. Had they not, they might have run out of time, as the authorizations in ques- tion hinged on a June 30 deadline. The student loan section of the bill freezes interest rates on loans in repay- ment at 3.4 percent for the next year. Ab- sent the bill, rates were set to double to 6.8 percent on July 1. Congress is offsetting the approxi- mately $6 billion cost of the interest-rate freeze with a combination of pension recalculations and premium increases and by limiting students' eligibility for federal student loans to no more than 150 percent of the time it would nor- mally take to finish a degree. A student enrolled in a four-year de- gree program would only be eligible for federal help for six years, and a student in a two-year degree program would be eligible for three years. The bill also reauthorizes the national Flood Insurance Program, extends Se- cure Rural School funding and secures Nevada's approximately $23 million in annual PILT payments — federal pay- ments in lieu of taxes made to local gov- ernments. According to the Department of the Interior, the PILT payments "help offset losses in property taxes due to non-tax- able Federal lands within their (local governments') boundaries." They are crucial to Nevada, where 87 percent of the state's land is owned by the Bureau of Land Management. The largest part of the package, how- ever, is a 27-month, $120 billion reau- thorization of the country's roadway, airway and railway projects. Southern Nevada chalked up one big win and one middle-sized loss. Sod. It just doesn't work. You reward the achievers in your workplace. But you also need to root out the underachievers. Like sod. No matter how long he's been with you, he's bad for business. The only solution is to replace him with water-smart landscaping. For rebate information and a contact list of water-smart landscapers in your area, call 258-SAVE or visit snwa.com. It's a desert out there. Be 8 078864.01_SNWA_Ref 065884.01_ WSLC Sodman Cubicle_Vegas Inc_ Island 7.08" x 9.25" There's authorization in the bill to des- ignate and build Interstate 11 between Las Vegas and Phoenix. But a provision to free up $45 million in funding dedi- cated to the now-defunct maglev high- speed rail project was not mentioned. "Designating an Interstate between Las Vegas and Phoenix is a critical game-changer for our region," said Las Vegas Chamber of Commerce spokes- woman Cara Roberts. Nevada lawmakers all seemed satis- fied with the final product. Sen. Dean Heller said, "This bill is an example of what can be accomplished when both parties work together." | 9 JULY 2012 | ing what drove congressional leaders to combine the unrelated topics of student loans, transportation and flooding un- der into one legislative vehicle.