Rep. Dave Loebsack empathizes with students who have low bank balances.

As an Iowa State University student, the Democrat paid his way through college, relying heavily on federal financial aid.

So it makes sense for him to endorse legislation that supports expanded educational opportunities for young Americans, he told around 20 people on Monday gathered for a roundtable at the IMU.

“I want lower-income families to have the same collegiate educational opportunities that I had when I was growing up,” he said.

The aim of the roundtable was to describe the Student Aid and Fiscal Responsibility Act, a bill making its way through Congress, and its significance for Iowa students.

The congressman, along with his staff and representatives from the UI Office of Financial Aid, fielded questions about the bill’s function. The act would simplify the financial-aid-application process, save taxpayers nearly $87 billion, and keep interest rates on loans low, supporters of the bill say.

“The bill will actually reduce the federal deficit by $10 billion or $12 billion,” Loebsack said.

The House of Representatives passed the bill on Sept. 17. The Senate will discuss the bill sometime in October. Loebsack said he was confident it would pass on to President Obama.

“I’m confident that a bill very similar to this one will be passed in the Senate,” he said.

He addressed the opposition to this bill by telling the crowd the new system will be more efficient than the old process of subsidizing private lenders. Republicans were adamant in opposing the bill, relating it to the debate on health-care reform.

“Our opposition doesn’t want a single-payer educational system, much like they don’t want a single-payer health-care system,” Loebsack said.

Despite the lack of bipartisanship, the bill received a few votes from Republicans in the House.

“Some people simply don’t apply on the basis that the process takes too long,” he said. “Those people who don’t apply aren’t here [in college] today.”

Some critics of the bill predict that it could potentially eliminate jobs. The opposition claims that taking away private loans from banks and letting the government take control would reduce income for those financial institutions. However, Loebsack said, he has not seen any facts to back up that claim.

“I wouldn’t favor a bill in today’s economy that would cut jobs and add to the unemployment rate,” he said.

After the congressman was finished explaining the bill, he fielded questions from the crowd. One student asked if Loebsack favored a set tuition rate, claiming college graduates in the state finish with an average debt of around $26,000.

“I don’t support that because that could lead to debt for those colleges,” Loebsack said. “That’s usually decided on a state level; I can’t really have any effect on that decision.”

Although the House has passed the bill, certain details about it are still unclear to students.

“I want to know what questions will be dropped from the form,” he said, and he also wonders why it took so long to reform the old system if it was inefficient for so long.

However, Hau said, he thinks the act will increase opportunities for students.