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  • Higher Education in US is not a Commodity
  • Posted By:
  • Willy R
  • Posted On:
  • 14-May-2016
  • The Obama Administration is all set to make the required changes so that Higher Education is no longer a commodity and students are not considered as customers. Knowledge, as we all know, is food for the soul, keeping this in view, there should be no value placed on education.

    A degree in any stream in the United States has been coming with a heavy price tag and that is one reason we found the privileged lot being able to graduate and follow their dreams in specific careers. At present, the department of Higher Education is trying out all tactics to make college education accessible to all sectors of society.

    Action taken by the Obama Administration with concern to the rising cost

    The United States has been considered as one of the most expensive options available for higher
    education. With the actions taken by the Obama Administration, there is some sort of relief. This
    administration has been able to -

    * Expand the Pell Grant

    This step taken by the administration will ensure that more students are able to complete their
    education as they will be provided the money required and also a reward for taking more credits.
    Students from the low-income group will be able to earn the Pell money for the 3 rd semester in the
    academic year. This means, they will be able to attend classes even in summer.

    Besides this, the On-track Pell Bonus would offer a reward of $300 to those who take the minimum of 15 credits every semester in an academic year. This grant is for those students with financial problems and does not need to be repaid.

    * Loan Repayment Options

    The Health Care and Education Reconciliation Act by the Obama Administration offers students different options for the repayment of their loans. Under this act, the students can

    1. Forgive any debt which is remaining after a tie span of 20 years or 10 in the case of those in Public

    Service.This is for those borrowers who have been able to repay their loans regularly can have their balance loans forgiven after 20 years and those in the public services like teachers, nurses or even the military find their loans forgiven after only 10 years.

    2. Payments limited to 10 percent of the income

    Those who choose this option of repayment which is income-based will need to [paty only 10 percent of their income above the living allowance which is basic. This allowance differs in accordance to the size of the family. This makes it possible for more than 1 million borrowers to qualify for a reduction in the payments made monthly.

    3. Student Loan Reforms to fully fund

    From 1 st of July all loans will be direct loans which are collected and also delivered by private companies under contracts which are based on performance with the Education Department. The current subsidies will come to an end and this will be able to free almost $68 billion for the affordability for college. With the above proposals made by the Obama Administration there are for sure, more students completing their higher education.





 

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