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Reforms Will End Student Loan Bank Subsidies
American Universities rank among the most expensive in the world. With the economic decline and
tuition costs rising, obtaining a college degree is becoming much harder- especially for the middle
class. Not a moment too soon, Congress passed higher education reforms.
These reforms include several initiatives, but perhaps the most notable is the ending of subsidies given to banks and middlemen who handle student loans. Federal student loans will be handled directly by the government. By eliminating bank subsidies, taxpayers will save an anticipated $68 billion over the next 10 years. The savings will be put back into the federal Pell Grant program, essentially doubling current funding.
The second initiative aims at helping college graduates afford their student loan payments. Arguably, recent college graduates have been one of the hardest hit groups by the recession. With companies downsizing, inflation rising, and the cost of tuition increasing, the 22 to 28 age group face a much tougher financial future. A recent survey by the National Association of Colleges and Employers estimates that there are nearly 2 million unemployed college graduates. The outlook isn't great either- it's predicted that companies will hire 22% percent fewer graduating seniors than they did a year ago. With the reform, which goes into effect in 2014, annual student loan repayments will be capped at 10% of his or her income.
Acknowledging that community colleges play a critical role in our higher education system, another initiative includes revitalizing community colleges as well as providing addition support to minority serving institutions.
To read more on the recent higher education reforms, checkout the Whitehouse Blog.
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