High school graduation time is approaching and with it, thoughts of college are filling many students' minds. Close behind is how to pay for college.
Democrats in the Michigan Senate have proposed the Michigan 2020 plan, which would cover the cost of college tuition, books, and related expenses for Michigan students. When fully implemented, it would cost $1.8 billion a year, paid for by closing tax loopholes and ending tax credits that are not of proven usefulness.
Partisan politics being what they are, Republicans in the Michigan Senate are unlikely to consider the plan -- unless the public gets behind it. Senate Democrats are promoting the plan with a contest that will allow a student to win $10,000 toward college costs -- the amount that all students would receive if the plan were fully implemented.
The #mi2020 Scholarship Competition asks students to submit a video demonstrating why the 2020 Plan should be enacted. The rules for the competition are here.
This contest has a twin impact -- it can help at least one talented student with college costs and it can raise public awareness and support for a plan that will produce the most educated workforce in the nation.
Let the young people in your life know about this!
Showing posts with label College Aid. Show all posts
Showing posts with label College Aid. Show all posts
Thursday, April 5, 2012
Saturday, July 25, 2009
Student Loan Reform on the Horizon
Students facing the high cost of higher education will soon get a break, as Congress continues to move forward with reforming the college loan process.
Right now, the federal government is paying huge subsidies to banks who make college loans to students, loans that are guaranteed by the federal government. The
Student Aid and Fiscal Responsibility Act.(HR3221) will wipe out those subsidies to private lenders and expand the direct loan program, under which the federal government itself loans the money through colleges and universities. The move will save taxpayers $90 billion over the next decade.
Rather than going into the pockets of bankers, $10 billion of that savings will go to reducing the federal deficit.
The rest will be used to expand college aid and education programs, including $40 billion for Pell Grants, reducing interest rates on need-based student loans, simplifying the loan application form for families, investing $1.2 billion in historically black colleges, funds for updating community college buildings, grants to encourage cooperation between community colleges and businesses, grants for developing on-line courses, grants to reform standards for early learning programs, and grants to loal school districts for modernizastion and repair.
Republicans oppose the measure, as The New York Times editorial notes.
We'll see if Rep. Mike Rogers, whose Eighth District includes Michigan State University, will vote with his GOP leadership or with the students who live in his district.
Right now, the federal government is paying huge subsidies to banks who make college loans to students, loans that are guaranteed by the federal government. The
Student Aid and Fiscal Responsibility Act.(HR3221) will wipe out those subsidies to private lenders and expand the direct loan program, under which the federal government itself loans the money through colleges and universities. The move will save taxpayers $90 billion over the next decade.
Rather than going into the pockets of bankers, $10 billion of that savings will go to reducing the federal deficit.
The rest will be used to expand college aid and education programs, including $40 billion for Pell Grants, reducing interest rates on need-based student loans, simplifying the loan application form for families, investing $1.2 billion in historically black colleges, funds for updating community college buildings, grants to encourage cooperation between community colleges and businesses, grants for developing on-line courses, grants to reform standards for early learning programs, and grants to loal school districts for modernizastion and repair.
Republicans oppose the measure, as The New York Times editorial notes.
We'll see if Rep. Mike Rogers, whose Eighth District includes Michigan State University, will vote with his GOP leadership or with the students who live in his district.
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