I am a first semester senior at Wilkes University and that means that I will be graduating next fall. If I do find a job in the communications field, it will most likely be low paying until I can work my way up the corporate ladder. Six months into my profession the bills for the loans that I had to take out will kick in.
My loans have been accumulating interest and now I will almost have to pay double the amount that I took out. In other words, the interest rate is variable and will go up. According to rockthevote.com, in 2005 Congress passed the Deficit Reduction Act, “which cut $12 billion in federal student aid money…the plan includes a hike in interest rates on Stafford federal student loans (rose from 5.3% to 7.14% on existing loans and to 6.8 % on new loans) and loans taken out by parents (from 6.1 to 7.4 percent on existing loans and to 8.5% on new loans).
Why did Congress do this? According to collegejournal.com, “the reduced funding is part of a $40 billion deficit reduction passed by the Senate…to help limit spending…” As a college student, I have many worries on my mind once graduation comes, worries that I will address to the presidential candidates specifically. What can the 2008 Democratic Presidential candidates do to help me pay for my education and reduce my debt?
In recent years the price of college level education has skyrocketed. According to rockthevote.com, college costs are up 35% in five years. As a student at Wilkes University I am paying about $34,180 for tuition and fees along with room and board. That phenomenal fee doesn’t include books, supplies, transportation, or living expenses like extra food and toiletries. According to current reports by the College Board, “most students and their families can expect to pay, on average, from $95 to $1,404 more than last year for this year's tuition and fees, depending on the type of college (http://www.collegeboard.com/).”
The top two Democratic candidates, Senators Hillary Clinton and Barack Obama, are aiming their education policies at lower level rather than college level education. According to HillaryClinton.com, Senator Clinton is planning to increase the maximum Pell Grant, strengthen community colleges through a $500 million investment, create a graduation fund to increase college graduation rates, and increase to $10,000 the college scholarship for those who participate in AmeriCorps full-time for one year. All of these plans are good, but the policies are vague. What about students who will just be graduating? What can Senator Clinton do about the hike in interest rates on the loans, including private lender loans, that students will have to pay off in the next one to two years?
Senator Obama has a plan that supersedes that of Senator Clinton because he provides more information and more opportunities, but he still does not address the issue of loans, other than to support eliminating costly bank subsidies. “Obama will save taxpayer money billions by eliminating the more expensive private loan program and directing that money into aid for students” (http://www.barackobama.com). The issue of loans is addressed, but there is still nothing directed at the 60 percent of college students that will leave college with debt.
Here is a plea to the current Democratic candidates Senators Barack Obama and Hillary Clinton, start addressing the issue of the cost of college education and reducing the amount of debt that college graduates will have. There will be 60 percent of students in America graduating who will be in debt and that large percentage needs the help of the government now.
Heather Chulick ‘08
Wilkes University
Communication Studies
My loans have been accumulating interest and now I will almost have to pay double the amount that I took out. In other words, the interest rate is variable and will go up. According to rockthevote.com, in 2005 Congress passed the Deficit Reduction Act, “which cut $12 billion in federal student aid money…the plan includes a hike in interest rates on Stafford federal student loans (rose from 5.3% to 7.14% on existing loans and to 6.8 % on new loans) and loans taken out by parents (from 6.1 to 7.4 percent on existing loans and to 8.5% on new loans).
Why did Congress do this? According to collegejournal.com, “the reduced funding is part of a $40 billion deficit reduction passed by the Senate…to help limit spending…” As a college student, I have many worries on my mind once graduation comes, worries that I will address to the presidential candidates specifically. What can the 2008 Democratic Presidential candidates do to help me pay for my education and reduce my debt?
In recent years the price of college level education has skyrocketed. According to rockthevote.com, college costs are up 35% in five years. As a student at Wilkes University I am paying about $34,180 for tuition and fees along with room and board. That phenomenal fee doesn’t include books, supplies, transportation, or living expenses like extra food and toiletries. According to current reports by the College Board, “most students and their families can expect to pay, on average, from $95 to $1,404 more than last year for this year's tuition and fees, depending on the type of college (http://www.collegeboard.com/).”
The top two Democratic candidates, Senators Hillary Clinton and Barack Obama, are aiming their education policies at lower level rather than college level education. According to HillaryClinton.com, Senator Clinton is planning to increase the maximum Pell Grant, strengthen community colleges through a $500 million investment, create a graduation fund to increase college graduation rates, and increase to $10,000 the college scholarship for those who participate in AmeriCorps full-time for one year. All of these plans are good, but the policies are vague. What about students who will just be graduating? What can Senator Clinton do about the hike in interest rates on the loans, including private lender loans, that students will have to pay off in the next one to two years?
Senator Obama has a plan that supersedes that of Senator Clinton because he provides more information and more opportunities, but he still does not address the issue of loans, other than to support eliminating costly bank subsidies. “Obama will save taxpayer money billions by eliminating the more expensive private loan program and directing that money into aid for students” (http://www.barackobama.com). The issue of loans is addressed, but there is still nothing directed at the 60 percent of college students that will leave college with debt.
Here is a plea to the current Democratic candidates Senators Barack Obama and Hillary Clinton, start addressing the issue of the cost of college education and reducing the amount of debt that college graduates will have. There will be 60 percent of students in America graduating who will be in debt and that large percentage needs the help of the government now.
Heather Chulick ‘08
Wilkes University
Communication Studies
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