Student loan rates could decrease in the future if the state Senate drafts a bill opening the market to more lending competition.

Now, PNC Bank is the No. 1 federal Stafford lender to students in Pennsylvania, with the Pennsylvania Higher Education Assistance Agency (PHEAA) at the No. 2 position.

Non-profit PHEAA currently works with PNC, among other lenders, to distribute Stafford loans to about 80 percent of the students in need of loans in Pennsylvania.

Stafford loans are popular with students because of their low-interest status.

The bill, introduced July 2, would take control of loan distribution out of PHEAA's hands and put the Pennsylvania Department of Education in charge of distribution.

This could all be well and good, but Sallie Mae, the No. 3 lender in the state, wants to buy PHEAA, ultimately controlling the current funding.

If PHEAA does relinquish its company to Sallie Mae, it could create a pseudo-monopoly of sorts within the market that could be focused solely on acquiring profit.

PHEAA is not planning on selling to Sallie Mae any time soon because of the different agendas that exist within non-profit and for-profit lending companies.

Overall, the bill could be a good idea if competition really is introduced into the market because companies would be forced to lower rates to stay in business.

It would impact a greater number of students at Penn State, especially with Penn State tuition rates continuing to increase.

Education needs to be affordable in the U.S. today and there are not many non-profit lending companies that continue to exist in the market.

With more than 380 other lenders to choose from in Pennsylvania, the bill could allow them to break through the market dominated by the superpowers and expose students to other lending opportunities.

However, if Sallie Mae takes over PHEAA, the attention could shift from helping students afford a college education to trying to find the best way to turn a profit.

Even with a non-profit lending company looking out for students' best interests, the bill could lower rates of the other 380 lenders and open new doors for students trying to get Stafford loans.

With increased choices, other companies will have to make their loans more attractive to students so they can stay afloat.

Thanks to this new bill, students could be on the verge of finding themselves amidst a sea of new possibilities.