Miller calls for fix of student loan system
Fix loan system for a stronger future
Published in Politico
By: Rep. George Miller
July 15, 2009 04:46 AM EST
This summer, millions of students will sit down with their families to figure out how to pay for college. They will unwittingly enter into a financial lending system that is badly broken — and not benefiting them as intended.
However, if Congress and President Barack Obama are successful, this system is about to undergo a major change.
The college financing system that was supposed to ensure all students access to college is dangerously out of control, for three reasons.
First, tuition has skyrocketed and shows no signs of abating.
Second, the roller-coaster credit markets have put the federally guaranteed student loan program, which for years has originated almost three-quarters of all federal college loans, on life support.
And third, Pell Grants and other aid that a generation ago offered students about half of their tuition costs today cover only about 30 percent.
Continue reading Fix loan system for a stronger future ...
Posted by Peake, Amy at 04:20PM | | Comments () | TrackBack (0)
« Recovery Act Updates | Main | NY Times says Health Care bill "worth fighting for" »
