Archive for October 2012

Election day is just around the corner !  Or maybe you are taking advantage of the opportunity to vote early? Both candidates have opposing views on many subjects and the student loan crisis is no different.  They don’t agree here either.

How does each candidate feel about the one trillion dollar student loan debt, and the tuition costs that have exceeded the rate of inflation?  Here are some notes from recent articles written on this subject.

Obama

Ended the Federal Family Education Loan program, and made it so that all federal student loans are handled through the Department of Education

Has expanded the Pell Grant program

Has eliminated subsidized Stafford loans for graduate students,

Has eliminated some aid for students without a high school diploma

Created repayment program that caps payments at 10% of income

Created the Public Service Loan Forgiveness program

Wants to take federal aid away from for-profit colleges and universities if more that 65% of  their graduates default on student loan. In other words, regulate for profit colleges.

Romney

Less focus on student aid programs, wants to boost the job market for recent graduates.

Wants to  repeal income based repayment plans and the Public Service Loan Forgiveness Program. (Both of these programs were put into place by Obama).

Romney supports private-sector involvement in student loans

Feels that consumers should be allowed to make their own choices about education and the government should not regulate for profit colleges.

Wants to eliminate Pell grants for part time students, tighten restriction on Pell eligibility and keep Pell grants at $5,500.

Desires to reduce tuition inflation but hasn’t stated how he will do this.

Information for this article was gathered from   www.opposingviews.com, www.foxbusiness.com/personal-finance

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Every year around the holidays I get e mails with numbers and statistics showing how non profit agencies are using donated funds to pay for thousands or in some cases hundreds of thousands of dollars for salaries, operating costs, advertising and other things. The point being that you may think you are donating a certain dollar amount toward a certain cause, and only a small amount of your money is used for the purpose intended.
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Donations for registered students made by check have nothing subtracted for operating costs! Yes, that’s right 100% of your donation will go toward the students debt. Donations made by credit card will have 6% subtracted and the balance will go toward the students debt. The 6% is to cover credit card processing fees and bookkeeping expenses.
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