In Spring 2007, on a conference call with students, then-Senator Barack Obama called for major reform to federal student loans:
"We shouldn't be providing billions in taxpayer-funded giveaways to private banks. We should be providing an affordable, accessible college education to every American."
This morning, President Obama signed those historic reforms into law.
Dr. Jill Biden, an educator for 29 years, just recorded a short video explaining what these groundbreaking reforms mean for education in America. Click here to watch.
The bill the President signed this morning includes historic investments to make education more affordable, and delivers on a key campaign promise. The legislation:
-- Ends subsidies to special-interest private lending companies.
-- Doubles funding for Pell Grants to help more students afford a college education.
-- Will cap a graduate's annual student-loan repayments at 10 percent of his or her income.
-- Helps an additional 5 million Americans earn degrees and certificates over the next decade, by revitalizing programming at our nation's community colleges.
Although I know these reforms will not take place immediately, I am excited that someone has taken the initiative to reform one of the most pesky aspects of education, student loans!
Share your thoughts, concerns and feelings about the reform in the comment section. Sharing is caring...
Praise Baby Jesus. Have a great day folks!
1 comment:
This is exciting news even if it does not affect me now, at least the generations coming behind us can have a fair shot at affordable education. Thank you for this much needed change, I am still praying that perhaps by some slim shot I am positively affected by this, if not that's ok too.
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