It's no secret, the economy stinks, and if you're like many twenty-somethings you'll be tight with Sallie Mae for a very long time. In 2009 alone, the U.S. Department of Education is forecasting that college students will tap Uncle Sam for
$64 billion in student loans.
A deteriorating job market, shrinking endowments, and skyrocketing tuition have many wondering how they will manage their educational debt. During his campaign, President Obama made it clear that he would focus on making higher education affordable for those yet to enter college, leaving many indebted young grads asking, "where's my bailout?"
Most agree, forgiving student loans outright would be a costly burden to taxpayers. Even the President and First Lady spent years paying back their debt, a sum so large that it exceeded their monthly mortgage payment for nearly a decade. With forgiveness likely out of the question, what should our new Commander-In-Chief do to reassure grads that their education wasn't a waste? A few options...
- Loan consolidation for graduates at lower interest rates and the temporary suspension of interest payments
- Reverend Jesse Jackson's "One Percent Solution"
- Extend Obama's campaign promise to expand national service programs by offering tuition credit for service (AmeriCorps, Peace Corps, VISTA, military service, teaching in an underserved population etc.)
- Encourage graduate education through yearly and comprehensive tuition caps at private colleges and universities
Posted by: Charles Cushman in Untagged on
Feb 22, 2009
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