New Michigan Law Saves School Districts $8 Million in Interest

School bus

The School Loan Revolving Fund (SLRF) interest rate dropped to 1.19% last week, saving some local school districts about $8 million in interest.

Gov. Gretchen Whitmer signed into law Senate Bill 618 that adjusted the SLRF interest rate.

“Every student, in every district, has a birthright to a phenomenal public education so they can pursue their potential,” Whitmer said in a statement. “With these cost savings, we will have even more resources to invest where they matter most – in our students, teachers, and classrooms. I am proud of the work the Michigan Legislature and I have done to close the funding gap between districts and increase per-pupil funding to its highest amount ever.”

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Commentary: Schools’ COVID-Aid Joy Ride Could Send New Hires off a Fiscal Cliff – Again

As school districts across the country grapple with declining enrollments induced by the pandemic, many are engaged in spending sprees like those of the past leading to widespread layoffs and budget cuts when federal money ran out.

Bolstered by $190 billion in pandemic relief funding from Washington, the nation’s public schools are hiring new teachers and staff, raising salaries, and sweetening benefit packages. Some are buying new vehicles. Others are building theaters and sports facilities.

Using such temporary support for new staff and projects with long-term costs is setting the table for perilous “fiscal cliffs” after COVID funding expires in 2024, some education budget analysts say. And that’s on top of doubts about whether money to battle the pandemic is being properly spent in the first place.

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Texas Sen. Cruz Introduces Bill Prohibiting Vaccine Mandate for Minors

Ted Cruz

U.S. Sen. Ted Cruz, R-Texas, a member of the Senate Judiciary Committee, introduced legislation that would prohibit the federal government and any entity at the federal, state and local level that receives federal funding, including school districts, from requiring COVID-19 vaccines for minors.

“Parents should have the right to decide what is best for their children in consultation with their family doctor,” he said. “My view on the COVID-19 vaccine has remained clear: no mandates of any kind.

“President [Joe] Biden and his administration have repeatedly ignored medical privacy rights and personal liberty by pushing unlawful and burdensome vaccine mandates on American businesses, and now they are preparing to push a mandate on kids by pressuring parents – all without taking into account relative risk or the benefits of natural immunity.”

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