Go to College Without Going Broke

Loan reform bill makes things a little easier for students

By: COURTNEY GRIFFIN

“In the twenty-first century, the best anti-poverty program around is a world-class education,” President Obama has said.

It has been one of the President’s goals to make the U.S. the leading nation in education, but the increasing cost of a higher education has made it difficult for students to continue their schooling without taking out loans and graduating in debt.

But the Administration—and college students across the country—celebrated a landmark victory when Congress passed the Student Loan Reform Bill in March. The new legislation will provide $36 billion in Pell Grants over a ten-year period to help students in need.

“We’re proposing in the budget an increase of $98 million annually for HBCUs,” says Education Secretary Arne Duncan.

In January, the President received a cheer on Bennett’s campus during his State of the Union Address when he said, “One million students will be required to pay only 10 percent of their income on student loans, and all of their debt will be forgiven after 20 years—and forgiven after 10 years if they choose a career in public service, because in the United States of America, no one should go broke because they chose to go to college.”  He suggested a $10,000 tax credit for four years of college and an increase in Pell Grants.

Emanuelique Cole, a sophomore English major from Lenoir, NC says, she believes that the money, if put to good use, could benefit the students of HBCUs.  But she says she’s worried that it may make it seem as though HBCUs can’t fundraise for themselves.

The President also reminded academic institutions about their financial responsibilities. “It’s time for colleges and universities to get serious about cutting their own costs because they, too, have a responsibility to help solve this problem,” he said.