Congress, it’s time to move!

College students sighed in relief when Congress decided—at the 11th hour—not to allow interest rates on federally subsidized student loans to double on July 1. In an unusual display of bipartisanship, Congress voted to freeze the 3.4 percent rate for another year. Of course, this means that next June college students will face the same possibility; the only difference is it won’t be nearly as crucial a year.

Student loans have become a major talking point in this politically charged election year. This decision, which in reality affects a relatively small number of students, was significant for both parties to show us just how much they care. Awwww. Really though, neither party could afford to be seen as anti-student.

On one hand, loan rates stayed the same and that’s good news for some. On the other, it’s only temporary, and with one of their candidates firmly in the oval office, how bipartisan will the parties act in 2013? Is keeping rates low really an effective long-term solution?

Some may have forgotten that in 2007 loan interest rates were indeed at 6.8 percent, and Congress decided to reduce them gradually so that by 2011 they had dropped to 3.4 percent. This is where we are now. Obviously there was no permanent fix at the time because five years later the rates were set to hop back up again, and we’re in no better a place. What was the point?

Congress has basically pushed the topic off for one more year with no guarantee that there will be any greater wisdom added to the conversation. As much as it feels thrilling to be an important factor in the presidential campaigns, it’s actually a double-edged sword. College students represent a substantial number of votes for both Obama and Romney, which means both parties will walk a tidy, safe line until the election. But after that, who knows.

Looking at the big picture, this rate freeze applies solely to subsidized Stafford loans, which are only available to a limited number of eligible undergraduates—7 million, according to the BBC. That’s a small slice when you look at the whole pie. Those eligible only for unsubsidized loans (including all graduate students) currently pay 6.8 percent interest. This means that the majority of students in this country still face paying higher rates anyway. It’s not right and it isn’t sustainable.

Jason Delisle, director of the Federal Education Budget Project at the New America Foundation, says that keeping interest rates low for one small demographic is not the answer. His proposal, in a nutshell, would unify rates for both subsidized and unsubsidized loans and would entail fluctuating interest rates. Essentially, without going into the boring details, it would mean lower rates in a weak economy and higher rates in a stronger one.

The way we’re currently trending, the rate would be 4.5 percent across the board for all loans. This, he says, would bring more relief to a wider group of people with less overall impact on taxes for the rest of Americans.

The Congressional Budget Office reports that this plan could reduce the cost of the loan program by $52 billion over the next 10 years. Those are some good savings.

Of course, Delisle’s plan is by no means perfect, and one glaring point to consider is whether we should hope that the economy remains in a bad place just so we can manage our loan payments. Also, will people just start complaining again once the economy is on better footing and they’re asked to pay more?

Delisle’s plan is imperfect, but at least it’s better than “let’s talk about it next year.” Both parties should be ashamed of themselves for shelving what they tout as a critical issue. Congress should stop worrying about politics and start focusing on a long-term plan that will work, so that we’ll actually have something worth voting for.