Yay For College $!

President Obama said this past Friday that he would like to see the Federal Government replace private lenders as the primary financier for college educations. That's great news because the current federally subsidized student loan program we have in place now is shit to put it simply. Making college more affordable for more people is the main idea behind this guys. Even though someone ho doesn't have the money to pay for school right out can usually qualify for a loan, the loans usually have such high interest rates that people shy away from doing that sometimes. Instead they opt to either go to a community college (which I have nothing against community colleges ) where credit hours are cheaper so they can work a full or part-time job and try to pay for each class before you know it, they wind up taking 4-5 years just to get a damn AA. Students are backed into a corner really when dealing with student loans. Even though I was blessed enough to attend college for free because of my academic scholarship, there is a good chance that for grad school I will have to borrow money and I would love to not have to worry about sky high interest rates once I receive my degree and land my first major job.

The federal government used to be the biggest lender for students in the 1970s, but that shifted toward private lenders during the Bush era. President Obama is also pushing for a $500 annual increase in Pell Grants for each economically eligible student, bringing to $5,500 the total a recipient can receive each year. He wants to see the formula for determining the amount of Pell Grant money each student is awarded changed. Congress sets the rate annually, but Obama called for taking politics out of the process and tailoring it to economic conditions. Finally, someone on Capitol Hill recognizes the need for education loan reform! However, Congress must approve Obama's new financial aid proposals before they can go on the books. The Federal Government should take the reigns as the primary provider of education monies. Dealing with the Federal Government is usually always better than dealing with private lenders. You have a better chance of receiving more ethical treatment since at least the Government has some restraints and operates in the public eye for the most part.